Agnico-Eagle To Raise US$252M In Private Placement; Pension Plan ...

By: THE CANADIAN PRESS
TORONTO - Mining company Agnico-Eagle Mines Ltd. (TSX:AEM) announced Wednesday that it plans to raise US$252 million in an issue of new shares, trading in the company's stock halted pending the announcement.
The Toronto-based company with developing metals mines in Canada, Finland, Mexico and the United States said it will issue eight million units at US$31.50 each, consisting of a share and half a share-purchase warrant.
Under the private placement, 'one of Canada's largest pension funds' will buy at least four million of the units and massage chair pad will take up any remaining not purchased by other buyers.
That agreement is conditional upon the settlement of definitive documentation, Agnico-Eagle said in a statement.
'This financing is a prudent measure to secure our ongoing production growth and strengthen our financial position,' said chief executive Sean Boyd.
'It also puts the company in an excellent position to further new internal expansion opportunities and shampoo massage brush to continue to aggressively grow our gold reserves within our portfolio of high-quality deposits.'
The company said it plans to use the proceeds for mine development and related capital expenditures, as well as for general corporate purposes.

Shares in Agnico-Eagle were up $3.96, or more than 10 per cent $41.51 before the haltsubsequent release.
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