07:38 AM EDT, 10/25/2024 (MT Newswires) -- Agnico Eagle Mines ( AEM ) said Friday that it agreed to invest US$40 million in ATEX Resources ( ECRTF ) , owner of an early stage, copper-gold exploration project in Chile.

Agnico's share price fell 1% at last look to US$87.03 in NYSE pre-market trading.

Agnico said it agreed to subscribe for 33,869,939 units of ATEX in a non-brokered private placement at a price of $1.63 per unit.

Following the transaction, Agnico will own a 13% stake in ATEX on a non-diluted basis or an 19% interest on a partially-diluted basis, assuming exercise of the warrants held by Agnico.

"The company continues to focus on its portfolio of high-quality internal growth projects, and complements its pipeline of projects with a strategy of acquiring strategic toehold positions in prospective opportunities," Agnico said.