Agnico-Eagle Mines Limited (AEM,AEM.TO) announced that it has agreed to subscribe for about 26.97 million units of Sulliden Gold Corporation Ltd.(SUE.TO) in a non-brokered private placement at a price of C$0.89 per Unit for total consideration of C$24.00 million.
Each Unit is comprised of one common share of Sulliden and 0.7 of one common share purchase warrant of Sulliden. Each Warrant entitles the holder to acquire one Common Share at a price of C$1.31 for a period of two years from the closing date. Closing of the private placement is expected to occur on or about April 12, 2013.
On closing of the private placement, Agnico will hold about 26.97 million Common Shares and 18.88 million Warrants, representing 9.96% of the issued and outstanding Common Shares on a non-diluted basis and 15.83% of the Common Shares on a partially diluted basis.
Agnico said it is acquiring the Units for investment purposes.
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