Canadian Monarch Gold sold its Fayolle project in western Quebec to IAMGOLD Corporation for $11.5 million in cash and stock transactions. IAMGOLD will issue $9.7 million in common stock to Monarch and pay $300,000 in cash after the transfer of assets. IAMGOLD is limited to providing $1.5 million in cash to Monarch 90 days after the first shipment of ore from the Fayolle deposit.
