Agnico Eagle Mines (AEM) said Monday it has purchased 8.7 million ONGold Resources common shares, representing a 15% ownership on a non-diluted basis.

The acquisition was completed via an asset purchase agreement between Agnico Eagle's Yamana Gold Ontario subsidiary and ONGold's 10215825 Manitoba unit, Agnico Eagle said.

ONGold also granted Agnico Eagle investor rights, allowing Agnico Eagle to maintain its pro rata ownership through equity financings, increase its stake to up to 19.99%, and nominate board members under certain conditions, Agnico Eagle said.

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