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Agnico Eagle Announces Additional Investment in Foran Mining Corporation

Strategic Insights

— 1 min read

Agnico Eagle, a leading gold mining company, has made a significant investment in Foran Mining Corporation, a Canadian mining firm. The company announced that it will subscribe for 30 million common shares of Foran through a private placement, investing a total of $90 million. This move aims to strengthen Agnico Eagle's presence in the mining industry and expand its portfolio of assets.

Key Takeaways:

  • Agnico Eagle has agreed to subscribe for 30 million common shares of Foran Mining Corporation in a private placement, with a total investment of $90 million.
  • The private placement is expected to close in two tranches, with the first tranche closing on or about May 28, 2025, and the second tranche closing as soon as practicable following shareholder approval.
  • Agnico Eagle currently owns 39.1 million common shares of Foran, representing approximately 9.9% of the issued and outstanding shares on an undiluted basis.
  • On closing of the private placement, Agnico Eagle is expected to own 64.5 million common shares of Foran, representing approximately 13.1% of the issued and outstanding shares on an undiluted basis.
  • Agnico Eagle has also acquired 2.2 million common shares of Azimut Exploration Inc. for $2.3 million, representing approximately 12% of the issued and outstanding shares on an undiluted basis.
  • Agnico Eagle's investment in Foran and Azimut is for investment purposes and may result in the acquisition or disposition of additional securities in the future.
  • Agnico Eagle has filed early warning reports with respect to its investments in Foran and Azimut, which can be obtained by contacting Agnico Eagle's Investor Relations department.

Statistics:

  • $90 million: Agnico Eagle's total investment in Foran Mining Corporation through the private placement.
  • 30 million: Number of common shares of Foran subscribed by Agnico Eagle.
  • 39.1 million: Number of common shares of Foran currently owned by Agnico Eagle, representing approximately 9.9% of the issued and outstanding shares on an undiluted basis.
  • 64.5 million: Number of common shares of Foran expected to be owned by Agnico Eagle on closing of the private placement, representing approximately 13.1% of the issued and outstanding shares on an undiluted basis.
  • 2.2 million: Number of common shares of Azimut Exploration Inc. acquired by Agnico Eagle for $2.3 million.
  • 12%: Agnico Eagle's approximate ownership interest in Azimut Exploration Inc. following the acquisition.

Sources:

  • Agnico Eagle Mines Limited, news release, May 14, 2025.
  • Agnico Eagle Mines Limited, news release, September 28, 2023.

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