OTTAWA (dpa-AFX) - Agnico Eagle Mines Limited (AEM, AEM.TO) announced Tuesday that it sold 38 million common shares of Orla Mining Ltd. in a sale to buyers in Canada, the United States and elsewhere through the facilities of the Toronto Stock Exchange at a price of C$14.75 per share for total consideration of C$560 million.
'Our investment in Orla has been mutually beneficial for both companies. With Orla's success in evolving into an established intermediate producer and in the context of the current gold market, we believe it is the right time to monetize our investment. This demonstrates our commitment to disciplined capital allocation and allows us to redeploy capital to our strategic priorities,' said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. 'We would like to thank Orla's management team and board of directors and congratulate them on their success in creating significant value for shareholders.'
Immediately prior to the disposition, Agnico Eagle had beneficial ownership of, or control or direction over, 38 million Common Shares, representing approximately 11.3% of the issued and outstanding Common Shares on a non-diluted basis.
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