Agnico Eagle Mines Limited (AEM), a gold mining company, Wednesday announced that its Sweden subsidiary, Agnico Sweden AB has entered into a share purchase agreement with Goldsky Resources Corp., an exploration stage company.
Under the agreement, Goldsky will purchase 55 percent of Gunnarn Mining AB from Agnico Sweden for $20 million in cash, issue 75,509,577 common shares, and grant a 2 percent net smelter return royalty on the Barsele project to Agnico Sweden AB.
The shares issued by Goldsky are ascribed to C$2.64 per share, the volume-weighted average price for the 20-day period prior to entering into the agreement.
The transaction is to close on or prior to June 30.
In pre-market activity, AEM shares were trading at $219.50, up 1.55% on the New York Stock Exchange.
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