NEWS ROUNDUP — Agnico gets nod for share acquisition

A plan by Agnico-Eagle Mines (TSE) to acquire 533,333 shares of Sudbury Contact Mines (TSE) has been approved by regulators.

In return, Sudbury will receive $2 million pursuant to the flow-through private placement agreement, expected to be completed in early February. It will use the funds to explore properties in Quebec and Ontario. Agnico will receive the tax benefits associated with Sudbury’s incurred exploration expenses. Agnico’s share holding in Sudbury will rise to 18.3% from 13%.