08:18 AM EDT, 10/25/2024 (MT Newswires) -- Agnico Eagle Mines ( AEM ) said Friday it has entered an agreement to invest $40 million in ATEX Resources through a non-brokered private placement.

The deal involves subscribing for around 33.9 million ATEX Resources units at 1.63 Canadian dollars ($1.18) per unit, each consisting of one common share and half of a share purchase warrant, Agnico Eagle said. The warrants will allow holders to buy additional shares at CA$2.50 over five years, the company added.

Agnico Eagle said the investment will give it a 13.21% stake in ATEX on a non-diluted basis. The investment gives Agnico Eagle exposure to a copper-gold exploration project in Chile, which is in early stages.

Shares of Agnico Eagle were down 1% in recent premarket activity.

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