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Agnico Eagle Completes Sale of Common Shares of Belo Sun Mining Corp.
Agnico Eagle Completes Sale of Common Shares of Belo Sun Mining Corp. Canada NewsW...
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":"\n\n\n\nAgnico Eagle Completes Sale of Common Shares of Belo Sun 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 20, 2018\n\n\n\nTORONTO, April 20, 2018 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (\"Agnico Eagle\" or the \"Company\") announced today that it has disposed of 44,551,000 common shares of Belo Sun Mining Corp. (\"Belo Sun\") in a pre-arranged trade executed through the facilities of the Toronto Stock Exchange (the \"TSX\").  The sale price was C$0.335 per common share (the 30-day volume weighted average price of the common shares of Belo Sun on the TSX at the time of the trade), for aggregate proceeds of C$14,924,585.\n\nThe Company reviews its portfolio of equity investments in junior mining companies on an ongoing basis.  The Company completed the disposition in order to monetize a non-core asset held in its portfolio.\n\nImmediately prior to the disposition, Agnico Eagle owned 89,102,760 common shares of Belo Sun, representing approximately 19.14% of the issued and outstanding common shares of Belo Sun on a non-diluted basis.  Following the disposition, Agnico Eagle owns 44,551,760 common shares of Belo Sun, representing approximately 9.57% of the issued and outstanding common shares of Belo Sun on a non-diluted basis.\n\nIn connection with the disposition, Agnico Eagle granted to the purchaser an option (the \"Option\") to acquire, through the facilities of the TSX, the remaining 44,551,760 common shares of Belo Sun currently owned by Agnico Eagle.  The Option is exercisable for 60 days from the date hereof at the then-applicable price of the common shares of Belo Sun on the TSX.  If the Option is not exercised prior to its expiry, Agnico Eagle intends to dispose of the remaining common shares of Belo Sun in an orderly fashion as market conditions permit.  If Agnico Eagle is unable to sell the common shares at prices and on terms acceptable to it, it may continue to hold the common shares until such time as it is able to do so.\n\nAn early warning report will be fil...