08:34 AM EDT, 05/24/2024 (MT Newswires) -- IAMGold ( IAG ) said Friday that it raised about US$300.2 million ($411.7 million) with its bought deal equity financing.

The company offered 72 million common shares at US$4.17 apiece.

IAMGOLD ( IAG ) plans to use the proceeds for the repurchase of the 9.7% interest in the Cote Gold Mine from Sumitomo Metal Mining. The purchase will boost IAMGOLD's ( IAG ) stake in the mine to 70%.

The company's stock fell 3.5% in Canada yesterday.