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Tuesday, February 17, 2009 11:27:36 AM
IAMGOLD has also agreed to invest up to C$7,000,000 in the Orezone subsidiary that holds the rights to the Essakane Project in exchange for a maximum 2% interest in the subsidiary. The funds will be invested to continue the timely development of the Essakane Project pending completion of the arrangement. IAMGOLD currently holds 16.6% of the outstanding shares of Orezone and will not obtain any further voting rights at the special meeting as a result of the placement. If the arrangement with IAMGOLD is not completed, IAMGOLD will have the right to put the purchased shares back to Orezone and Orezone shall have the option of paying the invested amount in cash or in Orezone shares.
Orezone is an explorer and emerging gold producer that owns Essakane and Bombore, the first and third largest gold deposits in Burkina Faso, West Africa. Orezone also has a pipeline of developing projects, all located in politically stable areas of West Africa, one of the world's fastest growing gold-producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner.
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