Agnico Eagle increases exposure to Foran Mining
Agnico Eagle Mines (TSX:AEM) has agreed to purchase 30 million voting shares of Foran Mining (TSX:FOM) priced at C$3 each for a total investment of C$90 million
Agnico Eagle is the third-largest gold producer in the world
Agnico Eagle stock has added 56.19 per cent year-over-year but only 50.48 per cent since 2020
Agnico Eagle Mines (TSX:AEM) has agreed to purchase 30 million voting shares of Foran Mining (TSX:FOM) priced at C$3 each for a total investment of C$90 million.
Foran's McIlvenna Bay deposit in Saskatchewan is estimated to house 38.6 million tons grading 2.02 per cent copper equivalent indicated and 4.5 million tons grading 1.71 per cent copper equivalent inferred.
The investment will close in two tranches, with the first expected to close on May 28, growing Agnico Eagle's existing stake in Foran from 39,125,448 shares or 9.9 per cent of the company to 64,454,767 shares or 13.1 per cent.
The second tranche will close 'as soon as practicable following receipt of shareholder approval,' according to Wednesday's news release, further increasing Agnico Eagle's investment to 69,125,448 shares or 13.5 per cent.
The major gold miner has an investor rights agreement in place to maintain pro rata interest in Foran, increase its stake up to 19.99 per cent and nominate up to two members to Foran's board. About Agnico Eagle Mines
Agnico Eagle is the third-largest gold producer in the world. The company owns producing operations in Canada, Australia, Finland and Mexico, in addition to a high-potential pipeline of exploration and development projects. It has declared a cash dividend every year since 1983.
Agnico Eagle stock (TSX:AEM) last traded at C$146.37. The stock has added 56.19 per cent year-over-year but only 50.48 per cent since 2020.
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