Collective Mining (CNL) said Friday that it has entered into an agreement with Agnico Eagle Mines under which the latter has subscribed for about 4.7 million common shares of the company at a price of CA$11 ($7.63) per share.
Closing of the offering is conditional upon Agnico Eagle concurrently exercising common share purchase warrants that it currently holds to acquire an additional about 2.3 million shares of the company for C$5.01 per share.
The company said it will receive total gross proceeds of about $63.4 million, which it expects to use for exploration on its properties in Colombia and general working capital purposes.
Upon closing, Agnico Eagle's ownership interest in the company is expected to increase to about 14.99%.
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