Agnico Eagle Mines (AEM) said Thursday it is increasing its investment in Cartier Resources, agreeing to subscribe for about 20.8 million units in a non-brokered private placement at 0.13 Canadian dollars ($0.09) per unit for a total consideration of about CA$2.7 million.

Each unit comprises one Cartier common share and one common share purchase warrant of Cartier, with each warrant entitling the holder to acquire one common share at CA$0.18, Agnico Eagle said.

The private placement is expected to close on or about April 10.

The company said that currently, it owns or exercises control over roughly 97 million common shares and 7 million warrants entitling it to acquire 7 million common shares, representing about 26.6% of shares on an undiluted basis and 28% on a partially-diluted basis.

Agnico Eagle said that on the private placement's completion, it will own about 117.8 million common shares, 20.8 million offering warrants and 7 million existing warrants or about 27.7% on an undiluted basis, or 32.2% on a partially-diluted basis.