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Agnico Eagle ( (TSE:AEM) ) has shared an update.
Agnico Eagle Mines Limited has acquired 8,700,000 common shares of ONGold Resources Ltd., representing approximately 15% of ONGold’s issued and outstanding shares. This acquisition stems from a transaction where Agnico’s subsidiary, Yamana Gold Ontario Inc., sold certain assets to ONGold’s subsidiary in exchange for these shares. The transaction also includes an investor rights agreement that allows Agnico Eagle to maintain or increase its ownership in ONGold through future equity financings and to potentially nominate members to ONGold’s board of directors. This strategic move enhances Agnico Eagle’s influence within ONGold, potentially impacting its industry positioning and shareholder interests.
More about Agnico Eagle
Agnico Eagle is a Canadian-based senior gold mining company and the third largest gold producer globally, with operations in Canada, Australia, Finland, and Mexico. The company is recognized for its leading environmental, social, and governance practices and maintains a pipeline of high-quality exploration and development projects. Founded in 1957, Agnico Eagle has consistently created shareholder value, declaring a cash dividend annually since 1983.
YTD Price Performance: 45.95%
Average Trading Volume: 2,227,505
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $39.28B
Find detailed analytics on AEM stock on TipRanks’ Stock Analysis page.