Canada’s Dundee Precious Metals (TSX: DPM) will add its first project in the Americas to its portfolio by acquiring all the shares it doesn’t already own in junior miner INV Metals (TSX: INV), which owns the advanced-stage Loma Larga gold project in southern Ecuador.
As part of the deal, Dundee will buy each of the issued and outstanding common shares of INV Metals it does not currently hold for 0.0910 of a DPM common share, or about C$0.80 a piece. This represents a 63% premium to the closing price of INV Metals stock on the Toronto Exchange on May 28.
Dundee, which owns about 23.5% of INV’s common shares, noted the transaction had strong shareholder support. It also said that IAMGOLD (TSX:IMG) (NYSE:IAG), which is IVN’s largest shareholder, is supporting the deal. Continue Reading →