Business
Agnico Eagle Mines Announces Additional Investment In Cartier Resources
TORONTO, March 20, 2025 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has agreed to subscribe for
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":" TORONTO, March 20, 2025 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (\"Agnico Eagle\") announced today that it has agreed to subscribe for 20,770,000 units (\"Units\") of Cartier Resources Inc. (\"Cartier\") in a non-brokered private placement at a price of C$0.13 per Unit for total consideration of C$2,700,100 (the \"Private Placement\"). Each Unit is comprised of one common share of Cartier (a \"Common Share\") and one common share purchase warrant of Cartier (each, an \"Offering Warrant\"). Each Offering Warrant entitles the holder to acquire one Common Share at a price of C$0.18 for a period of five years following the closing date of the Private Placement, subject to acceleration in certain circumstances. Closing is expected to occur on or about April 10, 2025 and is subject to certain conditions. Agnico Eagle currently owns, or exercises control and direction over, an aggregate of 97,022,944 Common Shares and 7,000,000 Common Share purchase warrants entitling Agnico Eagle to acquire 7,000,000 Common Shares (the \"Existing Warrants\"), representing approximately 26.6% of the issued and outstanding Common Shares on an undiluted basis and 28.0% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of the Existing Warrants). On closing of the Private Placement, assuming that 39,432,000 Common Shares are issued by Cartier in connection with the concurrent \"best efforts\" private placement offering announced by Cartier, Agnico Eagle will own 117,792,944 Common Shares, 20,770,000 Offering Warrants and 7,000,000 Existing Warrants, representing approximately 27.7% of the issued and outstanding Common Shares on an undiluted basis and approximately 32.2% of the Common Shares on a partially-diluted basis (assuming the exercise of the Existing Warrants and Offering Warrants held by Agnico Eagle). Agnico Eagle and Cartier were party to an amended and restated investor rights agreement dated May 20, 2022 (the \"Existing Agnico IRA\"), pursuant to which Agnico Eagle was entitled to certain rights (subject to maintaining certain ownership thresholds), including: (a) the right to participate in certain equity financings by Cartier in order to acquire up to a 19.97% ownership interest in Cartier; and (b) the right to nominate one person (and in the case of an increase in the size...