TORONTO (miningweekly.com) – Toronto-based Iamgold has sold its Sleeping Giant mine and mill, in Quebec, to Cadiscor Resources in exchange for shares in the other company.
Iamgold now holds shares representing 12% of Cadiscor's issued and outstanding stock, plus 1-million common share purchase warrants and a $3,5-million debenture, convertible into Cadiscor shares.
If Iamgold were to exercise all warrants and fully convert the debenture, it would control 26,3% of the resulting outstanding common shares, on a partially diluted basis.
The Sleeping Giant mine began production in 1993 and produced over 960 000 oz of gold and 1,3-million ounces of silver.
Mining at the operation, which has reached the end of its reserve life, was halted in October.
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