Collective Mining (CNL) said Thursday it closed Agnico Eagle Mines' investment, with Agnico Eagle subscribing for about 4.74 million common shares for roughly CA$52.1 million ($36.3 million), or CA$11 apiece.
With the closing of the offering, Agnico Eagle exercised all of the common share purchase warrants it owned to buy an additional 2.25 million shares of Collective Mining for CA$5.01 apiece, for a total consideration of about CA$11.3 million, increasing its stake in Collective to roughly 14.99%, the company added.
Collective said it intends to use the proceeds for exploration of its properties in Colombia and for general corporate purposes.
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