Agnico Eagle Announces C$100M Purchase Of 5.75M Common Shares Of Prism Resources Inc. At A Price Of ~C$0.0174 Per Common Share
Portfolio Pulse from Benzinga Newsdesk
Agnico Eagle Mines Limited (NYSE:AEM) has acquired 5.75 million common shares of Prism Resources Inc. from Trevali Mining Corporation for C$100,000, representing an 11.07% ownership. The shares were purchased at approximately C$0.0174 each, as part of an investment in Prism, which holds a 7.5% Net Profit Interest royalty on claims that are part of Agnico Eagle's Detour Lake mine property. Agnico Eagle may consider further transactions based on market conditions.
February 28, 2024 | 10:19 pm
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Agnico Eagle Mines Limited acquires 11.07% stake in Prism Resources Inc. for C$100,000, signaling strategic investment in the mining sector.
The acquisition of a significant stake in Prism Resources Inc. by Agnico Eagle Mines Limited (AEM) indicates a strategic investment aimed at enhancing its mining portfolio, particularly with Prism's Net Profit Interest in claims part of Agnico's Detour Lake mine property. This move could be viewed positively by investors as it demonstrates Agnico Eagle's commitment to expanding its assets and potentially increasing its revenue streams from these claims. The announcement may lead to a short-term positive impact on AEM's stock price as the market reacts to the company's growth and investment strategy.
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