Agnico Eagle Mines invests C$55m in Canada's ATEX Resources
The company Agnico Eagle Mines has decided to invest C55 million ( $40 million USD ) in ATEX Resources by purchasing 33.86 million units at a price of C $ 163 each through a substantial private placement transaction, in Canada.
The funds raised by ATEX will be used for exploring the Valeriano copper gold project in the Atacama Region of Chile and, for general company needs.
Each package from ATEX comes with one share and a warrant for half of a regular share purchase included in it as well; each warrant enables the holder to obtain an extra regular share at C $ 250 within a five year period after the closing date, under specific conditions.
The planned deadline is around October 30th of the year 2024 and is subject, to certain predetermined conditions.
Additionally A company called ATEX has stated its intentions to settle the remaining amount, on its credit line by issuing shares of stock.
Upon completion of the deal, with Agncio Eagle Mines Limited (NYSE; AEM) they will also be granted investor privileges in ATEX as long as they uphold specified ownership thresholds.
ATECs president and CEO Ben Pullinger expressed enthusiasm about Aginco joining as an investor, in the companys endeavors. Aginco is esteemed globally as a leading mining corporation. Notably boasts extensive expertise in large scale underground operations.
"This deal will ensure that ATEX has funding until 2025 to carry out our upcoming drilling projects and further refine this deposit all the while reducing risks and conducting engineering studies."
"Agnico is a valued partner, in the mining sector. Is well known worldwide for its top notch practices. We are delighted to have them as an investor."
The Valeriano project site is found in the Huasco Province within the Atacama Region. Is positioned about 151 kilometers southeast of Vallenar City.
The substantial copper gold porphyry reserve located within the project is situated beneath an oxidized gold deposit close, to the surface.
"Agnico Eagle Mines has decided to invest C $55 million, in ATEX Resources in Canada " as reported by Mining Technology under the GlobalData umbrella.
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