Agnico Eagle rises on Cascadia placement, Yukon exploration tie-up
Shares of Canadian miner Agnico Eagle Mines AEM.TO rise 2% to C$272.8
Company to acquire 19.3 million units of Cascadia Minerals CAM.V in a non-brokered private placement for C$5.02 million ($3.60 million) at C$0.26 per unit
AEM adds that it has also agreed to buy 10 million units from sellers participating in Cascadia's flow-through unit offering for C$2.6 million or C$0.26 per unit
Company expects the transaction to close on or about April 17
AEM says it has entered into a strategic alliance with Cascadia to identify and advance projects in Yukon's Stikine Terrane
Company adds that under the alliance, AEM will provide funding over an initial three-year period for generative exploration work performed by Cascadia, as operator, within the alliance area
Including session's move, AEM 17.2% YTD
($1 = 1.3933 Canadian dollars)
