IAMGOLD Corp.-IAG to acquire Orezone Resources-OZN 12/11 06:37 AM

IAMGOLD Corporation (IAG:$4.73,00$0.51,0012.09%) and Orezone Resources Inc. (OZN:$0.115,0$-0.005,0-4.17%) jointly announced that they have entered into a definitive arrangement agreement whereby IAMGOLD (IAG:$4.73,00$0.51,0012.09%) would acquire, via a plan of arrangement, all of the outstanding common shares of Orezone in a supported, all-share transaction. Total consideration is valued at approximately $139 million. “This business combination with Orezone is consistent with our strategy and takes IAMGOLD (IAG:$4.73,00$0.51,0012.09%) to the next level. This transaction represents excellent value and takes us a large step towards our stated goal of 1.8 million ounces annual gold production by 2012, while lowering our average cash cost by $40 to $50 per ounce. IAMGOLD (IAG:$4.73,00$0.51,0012.09%) is uniquely positioned in the current markets with a solid cash position, low debt, record cash flow and the financial capacity to finance the construction of Essakane, a second flagship gold mine for IAMGOLD (IAG:$4.73,00$0.51,0012.09%) ,” said Joseph Conway, President and CEO of IAMGOLD (IAG:$4.73,00$0.51,0012.09%) .

Orezone Holders To Get Stk Worth C$0.49/Shr