Agnico Eagle Mines (NYSE: AEM) announced today that it has agreed to subscribe for 13,333,333 units of Candelaria Mining (TSX-V: CAND) in a non-brokered private placement at a price of $0.45 per unit for total consideration of approximately $6,000,000.
With the investment Agnico Eagle will now own 23,453,333 common shares and 6,666,667 warrants, representing approximately 15.94% of the issued and outstanding Common Shares on a non-diluted basis and 19.59% of the issued and outstanding common shares on a partially-diluted basis.
Candelaria Mining is advancing two gold projects in Mexico; its construction-ready high-grade underground Pinos Mine project located in the state of Zacatecas, and the advanced-exploration stage Caballo Blanco project located in the state of Veracruz.