Managem S.A. (CBSE:MNG) entered into a definitive agreement to acquire 90% stake in BOTO GOLD PROJECT from IAMGOLD Corporation (TSX:IMG) on December 19, 2022. In related transaction, Managem will also acquire 100% stake in Diakha-Siribaya Gold Project in Mali and Karita Gold Project and associated exploration properties in Guinea. The aggregate consideration for both acquisitions is approximately $282 million.

A $30 million deferred payment to be paid out at the earlier of six months after closing of the Boto Gold Project and associated properties in Senegal. The transaction is subject to certain regulatory approvals including, as applicable, approval for the transfer of permits and licenses from the Governments of Senegal, Mali, and Guinea, as well as other customary closing conditions, including the consent of IAMGOLD?s syndicate of lenders. The transaction is expected to close on early third quarter of 2023.

The proceeds of the sales will meet remaining funding requirements for completion of construction at the Côté Gold Project. As of December 19, the seller holds exploitation permit of the Boto gold. BMO Capital Markets acted as financial advisor and Fasken Martineau DuMoulin LLP acted as legal advisor to Fasken Martineau DuMoulin LLP.

Sprott Private Wealth LP acted as financial advisor and Naciri & Associés Allen & Overy acted as legal advisor to Naciri & Associés Allen & Overy.