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AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN FORAN MINING CORPORATION
AEMAgnico Eagle(AEM) Prnewswire·2025-05-14 23:30

Core Viewpoint - Agnico Eagle Mines Limited has agreed to subscribe for 30 million common shares of Foran Mining Corporation in a private placement for a total of C90million,whichwillincreaseitsownershipstakeinForan[1][2].Group1:InvestmentDetails−Theprivateplacementwilloccurintwotranches,withthefirsttrancheexpectedtoclosearoundMay28,2025,andthesecondtranchependingshareholderapproval[1].−Uponclosingthefirsttranche,AgnicoEagle′sownershipinForanwillincreasefromapproximately9.990 million, which will increase its ownership stake in Foran [1][2]. Group 1: Investment Details - The private placement will occur in two tranches, with the first tranche expected to close around May 28, 2025, and the second tranche pending shareholder approval [1]. - Upon closing the first tranche, Agnico Eagle's ownership in Foran will increase from approximately 9.9% to 13.1% of the issued and outstanding common shares [2]. - After the second tranche, Agnico Eagle is expected to own about 13.5% of Foran's common shares [2]. Group 2: Investor Rights Agreement - Agnico Eagle and Foran have an existing investor rights agreement that grants Agnico Eagle rights to participate in equity financings and maintain its ownership percentage [3]. - The agreement will be amended to enhance Agnico Eagle's rights, including the ability to nominate an additional board member if the board size increases [4]. Group 3: Additional Investments - Agnico Eagle has also made a follow-on investment in Azimut Exploration Inc., acquiring 2,197,300 common shares for C2,307,165, increasing its ownership from approximately 10.06% to 12% [5]. - The acquisitions of both Foran and Azimut shares are for investment purposes, with potential future acquisitions or disposals depending on market conditions [6]. Group 4: Company Overview - Agnico Eagle is a leading Canadian gold mining company and the third largest gold producer globally, recognized for its sustainability practices and consistent shareholder value creation since its founding in 1957 [9].