05:28 PM EDT, 07/15/2024 (MT Newswires) -- Agnico Eagle Mines ( AEM ) edged down in after-hours New York trading after the company on Monday said it is boosting its stake in First Nordic Metals ( FNMCF ) to 13.25% from 0.75% with a $8.18-million share purchase.

Agnico is acquiring 27.95 million shares of First Nordic priced at $0.2925 each in a private placement.

Agnico Eagle the share purchase clears the amount due under a 2021 asset purchase agreement between the company, First Nordic and EMX Royalty ( EMX ) .

First Nordic subsidiary Gold Line Resources will direct the funds raised to Agnico Eagle Finland Oy and Agnico Eagle Sweden AB in satisfaction of payments that remain owing by Gold Line under the Purchase Agreement.

The transaction comes after Foran Mining ( FMCXF ) earlier Monday said it is raising $315 Million in a private placement "for which the company has received indications of interest from several of its existing shareholders", including Fairfax Financial Holdings ( FRFHF ) , and an equity private placement by Agnico, among others to advance construction at the McIlvenna Bay Project.

Agnico shares were last seen down US$0.33 to US$74.42 after hours. They closed down $0.17 to $102.23 on the Toronto Stock Exchange.