Dundee Precious Metals Inc. completed the acquisition of remaining 76.5% stake in INV Metals Inc. from IAMGOLD Corporation, A. Terrance Macgibbon and others.
The transaction is subject to INV shareholders approval, court approval, regulatory approvals and other customary closing conditions. IAMGOLD, along with the directors and officers of INV Metals, holding 36% and 11%, respectively, of the issued and outstanding common shares of INV Metals, have entered into voting support agreements with DPM, pursuant to which they have agreed, among other things, to vote their INV Metals shares in favor of the Transaction. The shareholder meeting is expected to be held in July 2021. The transaction was unanimously approved by the board of directors of INV and DPM. As of July 22, 2021, The transaction has been approved by Ontario Superior Court. The transaction is expected to close shortly after the INV shareholder meeting. As of July 20, 2021, the transaction is approved by shareholders of INV Metals. The transaction is expected to close on or about July 26, 2021.
Transaction is expected to be accretive to DPM shareholders on a reserves and net asset value per share basis. RBC Capital Markets is acting as financial adviser to DPM and Stikeman Elliott LLP and Flor & Hurtado are acting as DPM's legal advisers. BMO Capital Markets is acting as financial adviser and fairness opinion provider to INV Metals in connection with the Transaction. INV Metals' Special Committee engaged Trinity Advisors Corporation to provide an independent fairness opinion. Jay Goldman, Lindsay Clements, Lara Jackson, Stephanie Voudouris, Corinne Grigoriu, Rebecca Lee and Eni Silva of Cassels Brock & Blackwell LLP is acting as INV Metals' legal adviser. Aaron Atkinson & Jordan Lavi of Davies Ward Phillips & Vineberg LLP acted as legal advisor to IAMGold Corporation. Computershare Investor Services Inc. served as transfer agent to Dundee Precious Metals and TSX Trust Company served as transfer agent to INV Metals Inc.
Dundee Precious Metals Inc. (TSX:DPM) completed the acquisition of remaining 76.5% stake in INV Metals Inc. (TSX:INV) from IAMGOLD Corporation (TSX:IMG), A. Terrance Macgibbon and others on July 26, 2021. As a result of the Arrangement, INV Metals became a wholly owned subsidiary of DPM. The INV Shares are expected to be de-listed from the Toronto Stock Exchange after the end of trading on or about July 27, 2021. The INV Shares will be de-listed from the Toronto Stock Exchange and INV Metals will apply to cease to be a reporting issuer under applicable Canadian securities laws. All directors and officers of INV Metals resigned form their respective offices upon completion of the Arrangement on July 26, 2021. Dorsey & Whitney LLP acted as legal advisor for Dundee Precious.