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Agnico Eagle takes minority stake in Canada Nickel
Agnico Eagle has taken a minority stake by investing around C$23.1m in Canada Nickel Company in a private placement of flow-through units. In the brokered placement, Agnico Eagle acquired 19.6 million units at C$1.18 apiece. Each unit comprised one common share of Canada Nickel and 0.35 of one flow-through common share purchase warrant. The transaction offered Agnico Eagle a non-diluted equity stake of 12% in Canada Nickel, or a 15.6% stake on a partially diluted basis. Overall, Canada Nickel raised gross proceeds of C$34.7m in the offering. The company will use the proceeds to unlock the potential of Timmins Nickel ... (full story)