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Agnico Eagle Invests in Foran Mining Corporation with $90 Million Private Placement

Strategic Insights

— 1 min read

Agnico Eagle, a Canadian-based gold mining company, has agreed to subscribe for 30 million voting common shares of Foran Mining Corporation in a non-brokered private placement, valued at approximately $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 expected to close as soon as practicable following receipt of shareholder approval.

Key Takeaways:

  • Agnico Eagle will own approximately 13.1% of Foran's issued and outstanding common shares on an undiluted basis upon the closing of the first tranche of the private placement.
  • The investment in Foran is part of Agnico Eagle's strategy to maintain its pro rata ownership interest in the company and exercise its rights under an investor rights agreement dated August 8, 2024.
  • Agnico Eagle will also acquire up to a 19.99% ownership interest in Foran through its participation in equity financings and top-up rights.
  • The company is also acquiring additional common shares of Azimut Exploration Inc. for investment purposes.
  • Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices.

Statistics:

  • Agnico Eagle's investment in Foran Mining Corporation is valued at approximately $90 million.
  • The private placement is expected to close in two tranches, with the first tranche closing on or about May 28, 2025.
  • Agnico Eagle's ownership interest in Foran will increase to approximately 13.5% upon the closing of the second tranche of the private placement.
  • The company acquired an additional 2.2 million common shares of Azimut Exploration Inc. for a total consideration of over $2.3 million.

Sources:

  • PRNewswire: "Agnico Eagle Mines Limited Agrees to Subscribe for Voting Common Shares of Foran Mining Corporation"
  • Agnico Eagle's press release dated May 14, 2025: "Agnico Eagle Invests in Foran Mining Corporation with $90 Million Private Placement"
  • Azimut Exploration Inc.'s news release dated September 28, 2023: "Azimut Exploration Announces Flow-Through Financing at a Premium to Market"

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