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Jaguar Mining Completes Strategic Acquisition of the Brazilian Assets of IAMGOLD
TORONTO, ON / ACCESSWIRE / September 13, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (T...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Completes Strategic Acquisition of the Brazilian Assets of IAMGOLD TORONTO, ON / ACCESSWIRE / September 13, 2023 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) is pleased to announce the successful closing of its previously announced acquisition (the \"Transaction\") of the Pitangui Project and the remaining interest in the Acurui Project from a subsidiary of IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (\"IAMGOLD\"), AGEM Ltd. (the \"Vendor\").As consideration for acquiring a 100% interest in the Pitangui Project and the Vendor's interest in the Acurui Project, the Company issued 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 definitive agreement for the Transaction, which was CAD$1.873 per share. The Vendor has agreed to hold and to not transfer or trade the Consideration Shares for a period of twelve (12) months following the closing date of the Transaction, subject to certain conditions. In addition, the Vendor has agreed to notify and inform Jaguar if the Vendor intends to sell all or any of the Consideration Shares.In connection with the Transaction, the Company also granted to the Vendor a net smelter returns royalty. For additional information regarding this royalty, please see the Company's press release dated August 2, 2023, which is available for review under the Company's profile on SEDAR+ (www.sedarplus.com).Vern Baker, President and CEO of Jaguar, stated: \"We are very pleased to have completed this transaction to purchase IAMGOLD's Brazilian assets. The transaction increases our resource base and furthers our corporate strategy to leverage our extensive existing infrastructure to drive production growth through increased plant throughput. Going forward, our plan is to focus on permitting the Pitangui Project and move it into development as quickly as is possible. The Acurui Project complements our Paciencia property and will be considered a part of the exploration and development package we have available to restart production at Paciencia in the future.\"The Iron QuadrangleThe Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The disco...