Agnico-Eagle Mines (TSX: T.AEM, Stock Forum) Tuesday announced that it had entered into an agreement to subscribe for 9.6 million units of ATAC Resources (TSX: V.ATC, Stock Forum) in a private placement at a price of $1.35 per unit for a total consideration of $12.96 million, this according to a company news release.
Agnico will also receive 4.8 million warrants at an exercise price of $2.10, representing 8.48% of the issued and outstanding common shares of ATAC, or 12.21% on a partially diluted basis. The warrants will expire 18 months from the closing date.
The closing of the private placement is expected to occur on or about March 22, 2013.