Collective Mining (CNL.TO) on Friday said it has struck a deal with Agnico Eagle Mines (AEM.TO) under which Agnico Eagle will subscribe for roughly 4.7 million Collective Mining common shares at $11 apiece.
The closing of the offering is conditional upon Agnico Eagle concurrently exercising the common share purchase warrants of Collective Mining it currently holds to acquire an additional 2.3 million shares at $5.01 per share.
At closing of the offering, Agnico Eagle's stake in Collective Mining would increase to about 14.99%.
In total, Collective Mining will receive gross proceeds of about $63.4 million that will be used for exploration on the company's properties in Colombia and for general working capital purposes.
Closing is subject to the receipt of regulatory approvals, including from the TSX and NYSE American, among other things. The offering will close two business days following receipt of the approvals.
Collective Mining's share price at last look gained 1.2% to US$7.90 in U.S. pre-market trading on Friday.
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