IAMGOLD Corporation (TSX:IMG) entered into an agreement to acquire Fayolle Property from Monarch Gold Corporation (TSX:MQR) for CAD 11.3 million on June 1, 2020. Pursuant to the transaction, IAMGOLD will pay consideration through the issuance of common shares of IAMGOLD to Monarch for a total of $9.7 million based on a 10-day volume weighted average price (VWAP) on the TSX preceding today's announcement, a CAD 0.3 million cash payment upon transfer of ownership of a parcel of land to IAMGOLD and a CAD 1.5 million cash payment 90 days after the initial transport of ore from the Fayolle deposit. The funds from this transaction will allow us to advance the Wasamac project at a faster pace, while simultaneously pursuing exploration programs on our Beaufor and McKenzie Break properties. The transaction is expected to close in the coming weeks.

IAMGOLD Corporation (TSX:IMG) completed the acquisition of Fayolle Property from Monarch Gold Corporation (TSX:MQR) on June 8, 2020. IAMGOLD issued 1.9 million common shares to Monarch Gold as consideration.