Toronto-based Agnico-Eagle Mines (TSE) will buy 843,000 shares of Sudbury Contact Mines (TSE) from affiliated holding company Mentor Exploration and Development (TSE).
As consideration for the purchase, Agnico will cancel more than $12.2 million worth of debt owed by Mentor. The transaction represents a purchase price of $14.50 per share. Following the transaction, Agnico will own about 30% of Sudbury Contact’s outstanding common shares.
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