The company’s ownership of the 12 million common shares of Colombia Crest represents about 14% of the outstanding common shares.
Colombia Crest and IAMGOLD have agreed on both technical and social responsibility programs to be implemented at certain Colombia Crest exploration projects.
These programs will be funded for the most part by the proceeds of the placement, IAMGOLD said.
IAMGOLD said it does not have any present intention to acquire ownership of, or control or direction over, additional securities of Colombia Crest.
The company intends to evaluate its investment in Colombia Crest on a continuing basis and such holdings may be increased or decreased in the future.
