Toronto-headquartered Agnico Eagle Mines has made a further investment of C$1.82-million in exploration company Cartier Resources, which explores in the Abitibi gold belt in Quebec.
Agnico will subscribe for 14-million units in a nonbrokered private placement at C$0.13 each. Each unit comprises of one share of Cartier and one-half of one common share purchase warrant.
Agnico Eagle currently owns 35.29-million shares, representing about 13.33% of the issued and outstanding common shares on a non-diluted basis. On closing of the private placement, Agnico Eagle will own 49.29-million shares common shares and seven-million warrants, representing about 17.70% of the issued and outstanding common shares on a non-diluted basis and 19.72% of the issued and outstanding common shares on a partially-diluted basis.