OTTAWA (dpa-AFX) - Agnico Eagle Mines (AEM, AEM.TO) has agreed to purchase 19,315,300 units of Cascadia Minerals at a price of C$0.26 per unit for total consideration of C$5.0 million, under a non-brokered private placement. Each unit is comprised of one common share of Cascadia and one-half of one common share purchase warrant of Cascadia. Each warrant entitles the holder to acquire one common share at a price of $0.32 for a period of two years following the date of issuance. Agnico Eagle has also agreed to acquire 10,000,000 units at a price of C$0.26 per unit for total consideration of C$2.6 million from several sellers that will be participating in an offering of flow-through units by Cascadia immediately prior to the unit purchases.
On closing of the private placement and the unit purchases, Agnico Eagle is expected to own 29,315,300 common shares and 14,657,650 warrants, representing approximately 14.21% of the issued and outstanding common shares on a non-diluted basis and approximately 19.90% of the common shares on a partially-diluted basis. On closing of the private placement and the unit purchases, Agnico Eagle and Cascadia will enter into an investor rights agreement.
Agnico Eagle and Cascadia also entered into an earn-in agreement, pursuant to which Cascadia granted Agnico Eagle the right to earn a 51% interest in the Catch property owned by Cascadia located in Yukon. Agnico Eagle and Cascadia entered into a strategic alliance agreement pursuant to which the parties established a strategic alliance for the identification and advancement of projects within the Stikine Terrane in Yukon.
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