The chairman and president of Agnico-Eagle Mines (TSE), Paul Penna, was fined $5,000 in Ontario Provincial Court after he pleaded guilty to a charge of trading in securities with knowledge of material undisclosed facts.
The insider trading charge was related to the acquisition by accounts under the direction of Penna of 6,000 common shares and 9,500 warrants of Goldex Mines (TSE). Penna is president of Goldex and Agnico has a 35% interest in Goldex.
According to the Ontario Securities Commission (OSC), the shares and warrants were acquired prior to the release of information concerning a “very significant zone of mineralization” on property leased by Goldex. The drilling results confirmed the presence of a low-grade gold zone, known as the Goldex Extension zone, on property shared by Ormico Exploration. The OSC said the court took into account that Penna did not profit from the transactions.
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