OTTAWA (dpa-AFX) - Agnico Eagle Mines Limited (AEM, AEM.TO) announced that it has acquired 26,000,000 common shares of Osisko Metals Incorporated through a non-brokered private placement. The shares were purchased at C$0.48 each, for a total investment of C$12.48 million.
Prior to this transaction, Agnico Eagle held 41.21 million common shares and 20.61 million warrants of Osisko, representing approximately 6.71% of Osisko's outstanding shares on a non-diluted basis and 9.73% on a partially diluted basis.
Following the private placement, Agnico Eagle now owns 67.21 million common shares and 20.61 million warrants, increasing its ownership to approximately 9.85% on a non-diluted basis and 12.49% on a partially diluted basis.
In connection with the closing, Agnico Eagle and Osisko entered into an amended and restated investor rights agreement. Under this agreement, Agnico Eagle is entitled to certain rights, including: The ability to participate in future equity financings and maintain ownership thresholds through top-up rights; Conditional rights to nominate one or two directors to Osisko's board, subject to achieving specified ownership levels and depending on board size.
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