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Jaguar Mining Announces Agreement to Acquire the Pitangui Project and Remaining Interest in the Acurui Project From IAMGOLD
TORONTO, ON / ACCESSWIRE / August 2, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:J...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Announces Agreement to Acquire the Pitangui Project and Remaining Interest in the Acurui Project From IAMGOLDTORONTO, ON / ACCESSWIRE / August 2, 2023 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) is pleased to announce it has entered into a share purchase agreement dated August 1, 2023 (the \"Agreement\"), pursuant to which the Company has agreed to purchase and assume (the \"Transaction\") from a subsidiary of IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (\"IAMGOLD\"), AGEM Ltd. (the \"Vendor\"), the Pitangui Project and the Vendor's interest in the Acurui Project.Figure 1. Location of Jaguar´s and IAMGOLD's Tenements which are consolidated under the share purchase agreement The TransactionAs consideration for acquiring a 100% interest in the Pitangui Project and the Vendor's interest in the Acurui Project, the Company has agreed to the following:(a) the issuance to the Vendor of 6,331,713 common shares in the capital of the Company (the \"Consideration Shares\"), having an aggregate value of USD$9 million based on the volume weighted average closing price per share for the thirty (30) calendar days preceding the date of the Agreement, which was CAD$1.873 per share; and(b) the grant to the Vendor of a net smelter returns royalty (the \"Royalty\"), which will be calculated as follows with respect to the Pitangui Project and the Acurui Project:in the case of gold (not including silver or other metals) from the Pitangui Project, the Company will pay the Vendor a Royalty of US$80 per ounce for the initial 250,000 ounces of gold sold from the Pitangui Project,following the initial 250,000 ounces of gold sold pursuant to the Pitangui Project, the amount of the Royalty payable to the Vendor in respect of the Pitangui Project for any applicable calendar quarter will be the result obtained by multiplying the net smelter returns for such calendar quarter by 1.5%,the amount of the Royalty payable to the Vendor in respect of the Acurui Project for any applicable calendar quarter will be the result obtained by multiplying the net smelter returns for such calendar quarter by 1.5%, andno Royalty shall be payable for, or with respect to, such reasonable quantities of product which are used by the Vendor exclusively for assaying, non-bulk sampling, treatment, amenability, metallurgical, test work,...