OTTAWA (dpa-AFX) - Agnico Eagle Mines Limited (AEM), Thursday announced it has acquired 5 million subscription receipts from Fuerte Metals Corporation's subsidiary, 1555489 B.C. Ltd., through a brokered private placement priced at $1.65 CAD per receipt, for a total investment of 8.25 million CAD.
Each receipt will convert into one Fuerte unit comprising a common share and a five-year warrant exercisable at 2.50 CAD upon satisfaction of escrow conditions tied to Fuerte's planned property acquisitions.
Following conversion, Agnico Eagle will own about 8.12 percent of Fuerte on a non-diluted basis and 11.65 percent on a partially diluted basis.
The investment aligns with Agnico Eagle's strategy of taking strategic equity positions in high-potential geological projects to complement its internal growth portfolio.
AEM is currently trading at $164.40, down $5.17 or 3.05 percent on the New York Stock Exchange.
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