June 21 (Reuters) - Mineral explorer INV Metals Inc said it would buy a gold property in Ecuador from Iamgold Corp in a deal that would give Iamgold a 40-45 percent in the company, driving INV's shares up as much as 36 percent.
The deal could help the junior explorer become a gold producer in the "shortest possible time frame," INV said in a statement.
INV said it would issue 150 million of its shares to Iamgold to gain control of the Quimsacocha gold project in Ecuador. The shares were valued at C$16.5 million based on INV's Wednesday closing price.
The acquisition is subject to an equity offering, where the company plans to sell its shares at 20 Canadian cents apiece, to raise proceeds at least C$20 million, the statement added.
INV shares, which were one of the top percentage gainers on the Toronto Stock Exchange, were up 32 percent at 18 Canadian cents on Thursday
