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Agnico Eagle Bumps Up Stake in Maple Gold Mines to 19.9%

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Agnico Eagle Mines Limited (NYSE: AEM) acquired 33,821,842 Maple Gold Mines Ltd. (OTC: MGMLF) common shares for 8.5 cents per share, totaling approximately C$2.87 million. Shares were purchased from several sellers who had acquired them through a flow-through Common Shares offering by Maple.

Before this acquisition, Agnico Eagle owned 40,852,415 common shares, representing nearly 11.97% of Maple’s issued and outstanding shares on a non-diluted basis. Following the share purchase, Agnico Eagle’s ownership increased to 74,674,257 common shares, representing around 19.9% of Maple’s issued and outstanding shares on a non-diluted basis.

Agnico Eagle and Maple inked an investor rights agreement dated Oct 13, 2020. Under this agreement, as long as Agnico Eagle maintains certain ownership thresholds in Maple, it has specific rights, including the right to participate in equity financings to maintain its pro rata ownership in Maple or to acquire up to 19.9% ownership interest and the right to nominate one person to Maple’s board of directors or two persons if the board size increases to eight or more directors.

AEM’s acquisition of …

Full story available on Benzinga.com

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