06:21 AM EDT, 05/15/2025 (MT Newswires) -- Agnico Eagle Mines ( AEM ) late on Wednesday said it has agreed to subscribe for 30 million voting common shares of Foran Mining ( FMCXF ) for $90 million.

The non-brokered private placement is expected to close in two tranches, subject to closing conditions including approval of the TSX and of Foran shareholders for the second tranche. Closing of the first tranche is scheduled for May 28, and the second tranche is expected to close as soon as practicable following receipt of shareholder approval.

On closing of the first tranche, Agnico Eagle is expected to own roughly 64.5 million common shares, representing 13.1% of the issued and outstanding shares of Foran on an undiluted basis. On closing of the second tranche, Agnico Eagle is expected to own about 69.1 million common shares, representing 13.5% of the Foran shares.

Agnico Eagle and Foran in August 2024 struck an agreement in which the former is entitled to certain rights, provided it maintains certain ownership thresholds. On the closing of the first tranche of the private placement, the agreement between the two companies will be amended to allow Agnico Eagle to participate in equity financings to maintain its pro rata ownership interest in Foran or acquire up to a 19.99% stake in Foran; and allow Agnico Eagle to nominate an additional individual to Foran's board if the board's size is increased to 10 or more directors.