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Agnico-Eagle makes strategic $13M investment in exploration miner ATAC Resources
TORONTO - Agnico-Eagle Mines Ltd. (TSX:AEM) is investing almost $13 million in ATAC Resources (TSXV:ATC), an exploration stage gold miner active in the Yukon.
Toronto-based Agnico-Eagle said Tuesday that the investment is being made through a non-brokered private placement for 9.6 million units of ATAC Resources at $1.35 per unit.
Each unit is comprised of one common share of the Vancouver company and one half of a common share purchase warrant.
Each warrant entitles the holder to acquire one ATAC common share at a price of $2.10 for a period of 18 months from the closing date. Earlier expiry is possible under certain circumstances.
Agnico-Eagle says that on closing, expected March 22, it will hold about 12.21 per cent of the company on a partially diluted basis.
ATAC Resources shares closed down 12 cents or 8.28 per cent at $1.33 on the TSX Venture Exchange on Monday.
Agnico said in its announcement that it was acquiring the units for investment purposes and may add to them or dispose of its holdings depending on market conditions.
In a separate announcement issued by ATAC Resources, Agnico-Eagle president and CEO Sean Boyd said his company has been "actively following ATAC's progress at the Rackla gold project (in the Yukon) for the past three years and recognize their teams' unique skill set and excellent results."
"Through its investment in ATAC, Agnico-Eagle is pleased to be involved in a project with significant exploration potential in an emerging gold district."
Agnico-Eagle is an international gold producer with mining operations in Quebec, Mexico, Finland and Nunavut, along with exploration activities in North America, Latin America and Europe. Its share closed up 49 cents of 1.22 per cent at $40.81 Monday on the TSX main board.
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