Agnico-Eagle Mines Ltd. (
TSX: T.AEM,
Stock Forum) has disclosed that it sold 179,800 shares of
Probe Mines Ltd. (
TSX: V.PRB,
Stock Forum), representing 2.4% of their holdings.
The shares were sold at an average price of $2.80 between April 30 and June 9, 2014, according to a filing that was posted on SEDI on June 11.
Agnico-Eagle originally acquired 7.5 million units of Probe for $1.50 per unit in May 3013. Each unit consisted of one common share and three quarters of a common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of Probe at $2.10 until May 28, 2015.
This development was duly noted in a report by Scotia Capital analyst Mike Hocking.
As reported by Stockhouse Wednesday, Scotia Capital has put a sell rating on Probe with a one-year target of 50 cents.
Probe Mines shares fell 1.6% to $2.41 on Thursday, leaving a market cap of $184.1 million, based on 76.4 million shares outstanding. The 52-week range is $3.95 and $1.52.