OTTAWA (dpa-AFX) - Summit Royalty Corp., Wednesday announced the acquisition of cash flowing royalties and stream from IAMGOLD Corp. (IAG) and its affiliates for $17.5 million, comprising of cash consideration of $10 million and shares of the company valued at $7.5 million.
The agreement deals with seven royalties and one stream from IAMGOLD, which is expected to make Summit a preeminent cash flowing junior royalty and streaming company focused on precious metals.
In the pre-market hours, IAG is trading at $7.50, down 0.51 percent on the New York Stock Exchange.
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