(Kitco News) - Agnico Eagle (TSX: AEM) announced yesterday that it has agreed to subscribe for 14,000,000 units of Cartier Resources (TSX-V: ECR) in a non-brokered private placement at a price of $0.13 per unit for total consideration of approximately $1,820,000.
According to the company’s statement, Agnico Eagle currently owns 35,292,536 common shares, representing approximately 13.33% of the issued and outstanding common shares on a non-diluted basis.
On closing of the private placement, Agnico Eagle will own 49,292,536 common shares and 7,000,000 warrants, representing approximately 17.70% of the issued and outstanding common shares on a non-diluted basis and 19.72% of the issued and outstanding common shares on a partially-diluted basis assuming exercise of the warrants held by Agnico Eagle.
Agnico Eagle said it is acquiring the common shares and warrants for investment purposes, adding that depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional common shares, common share purchase warrants or other securities of Cartier or dispose of some or all of the common shares, warrants or other securities of Cartier that it owns at such time.
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It also has a pipeline of exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cartier Resources, which was founded in 2006, is an exploration company based in Val-d’Or. Cartier’s projects are all located in Quebec. Cartier is advancing the development of its flagship Chimo Mine project and actively exploring its other projects.
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