Agnico Eagle Mines Tops Up Investment in Belo Sun Mining

Agnico Eagle Mines (NYSE:AEM,TSX:AEM) has agreed to purchase a further 14,922,760 shares of Belo Sun Mining (TSX:BSX) to retain its 19.2 percent interest in the company.
As quoted in the press release:

Agnico Eagle will pay Cdn.$0.85 per Subject Share, for total consideration of Cdn.$12,684,346.  Agnico Eagle understands that closing of the Offering is expected to occur on or about July 27, 2016.
Agnico Eagle currently owns 74,180,000 common shares of Belo Sun, representing approximately 19.2% of the issued and outstanding common shares of Belo Sun on a non-diluted basis.  On closing of the Offering, Agnico Eagle will own 89,102,760 common shares ofBelo Sun, representing approximately 19.2% of the issued and outstanding common shares of Belo Sun on a non-diluted basis (after giving effect to the Offering, but otherwise assuming that the number of issued and outstanding common shares of Belo Sun as at the date hereof remains unchanged).
As previously disclosed, Agnico Eagle and Belo Sun are party to an investor rights agreement dated May 21, 2015 (the “Investor Rights Agreement”) pursuant to which Agnico Eagle has the right (which it has not exercised) to nominate one person to the board of directors of Belo Sun and the right to participate in certain equity financings by Belo Sun in order to maintain its pro rata investment.
Agnico Eagle is acquiring the Subject Shares for the purpose of maintaining its pro rata ownership interest in Belo Sun pursuant to its rights under the Investor Rights Agreement.  Agnico Eagle may, from time to time, acquire additional common shares or other securities of Belo Sun or dispose of some or all of the common shares or other securities of Belo Sun that it owns at such time.

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