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Iamgold Receives Additional Warrants In Galane Gold - Quick Facts

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4/12/2012 3:21 PM ET

Iamgold Corp. (IAG: Quote, IMG.TO) announced that it has received an additional 3.11 million warrants to purchase an equivalent number of common shares of Galane Gold Ltd. (GG.V: Quote) pursuant to that agreement by which Galane, indirectly, acquired ownership of the Mupane gold mine in Botswana, Africa from Iamgold.

The receipt of these additional warrants was contemplated in the original agreement upon Galane's completion of its acquisition of Northern Lights Exploration Company Pty. Ltd.

IAMGOLD's ownership of 26.25 million common shares of Galane maintains its approximate 49.9% interest in Galane's outstanding common shares.

Iamgold noted that the warrants to purchase common shares of Galane received today by the company are for investment purposes. Iamgold said it does not have any present intention to acquire ownership of, or control or direction over, additional securities of Galane.

Iamgold said that its the intention is to evaluate its investment in Galane on a continuing basis and such holdings may be increased or decreased in the future.

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by RTT Staff Writer

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