Money appears to be flowing in the mining sector again, with two large producers announcing the closing of financings this morning.
The first to announce the close of fundraising was IAMGOLD Corp (TSX: IMG), whom raised US$300 million via a bought deal financing. Priced at US$4.17 per share, the offering was led by National Bank, BMO Capital Markets, and RBC Capital Markets. The funding round resulted in the issuance of 72.0 million shares.
The financing will see the company use the funds to repurchase a 9.7% interest in the Cote Gold Mine from Sumitomo Metal Mining Co, which upon closing will bring its total ownership in that project back to 70%. Funds raised from the financing are expected to be placed into an interest-bearing account until the transaction is completed later this year.
READ: Golden Cariboo Looks To Raise $2.5 Million To Support Further Exploration
Hudbay Minerals (TSX: HBM) was the next…
