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Agnico Eagle announces investment in GoldQuest Mining Corp.
Agnico Eagle announces investment in GoldQuest Mining Corp. Canada NewsWire TORO...
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":"\n\n\n\nAgnico Eagle announces investment in GoldQuest Mining Corp.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 6, 2017\n\n\n\n(All amounts expressed in Canadian dollars unless otherwise noted)\n\n\n\nTORONTO, March 6, 2017 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (\"Agnico Eagle\") announced today that it has agreed to purchase 38,100,000 common shares of GoldQuest Mining Corp. (TSX-V: GQC) (\"GoldQuest\") in a non-brokered private placement at a price of $0.60 per share for total consideration of $22,860,000. \n\nOn closing of the transaction, Agnico Eagle will own 38,100,000 common shares of GoldQuest, representing approximately 15.0% of the issued and outstanding common shares of GoldQuest on a non-diluted basis (after giving effect to the transaction, but otherwise assuming that the number of issued and outstanding common shares of GoldQuest as at the date hereof remains unchanged).  Closing of the transaction is expected to occur on or about March 8, 2017 and is subject to certain conditions, including approval of the TSX Venture Exchange.  \n\nIn connection with the closing of the transaction, Agnico Eagle and GoldQuest will enter into an investor rights agreement pursuant to which Agnico Eagle will, provided Agnico Eagle owns at least a 10% interest in GoldQuest (calculated in accordance with the investor rights agreement), have the right to participate in equity financings by GoldQuest in order to maintain its pro rata ownership in GoldQuest at the time of any such financing or acquire up to a 15.0% ownership interest in GoldQuest (after giving effect to any such financing), and the right (which it has no present intention to exercise) to nominate one person (and in the case of an increase in the size of the board of directors of GoldQuest to 10 or more directors, two persons) to the board of directors of GoldQuest.  Under the investor rights agreement, Agnico Eagle will be subject to a two-year standstill which will prohibit Agnico Eagle from taking certain act...