The Conversation (0)
Kootenay Silver Inc. (TSXV:KTN) and Agnico-Eagle Mines Limited have entered into a subscription agreement where Agnico-Eagle will make an investment of $4,750,000 in Kootenay through a non-brokered private placement of units.
As quoted in the press release:
Under the terms of the subscription agreement, Agnico-Eagle will purchase a total of 6,250,000 units at a price of $0.76 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant will entitle Agnico-Eagle to acquire one common share of the Company at a price of $1.08 for a period of two years from the date of issuance. In the event that all warrants are exercised, an additional $3,375,000 will be raised.
Kootenay Silver President and CEO James McDonald said:
We are very pleased that Agnico-Eagle has committed to become a strategic investor in Kootenay Silver. Agnico’s investment provides us with a substantial alternative source of capital to the open market from a recognized world leader in precious metals mining, development and exploration. Agnico’s commitment to exploration and mining in Mexico directly coincides with our own commitment to the exploration and development of Promontorio. This investment recognizes the quality and near-term potential of our flagship Promontorio Silver project and our other principal exploration targets in Sonora,Mexico.
Click here to read the Kootenay Silver Inc. (TSXV:KTN) press release
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