A refiner pours bars of gold at Agnico-Eagle's Meadowbank mine facility in Meadowbank Mine, Nunavut.Sean Kilpatrick/The Canadian Press
Agnico Eagle Mines Ltd. AEM-T has signed a deal to increase its stake in Cadillac Mines Corp.
Under the agreement, Agnico Eagle has agreed to acquire 8,696,000 shares of Cadillac at a price of $6.90 per share for a total of $60-million.
Agnico Eagle already owns 22.8 million Cadillac shares for a 9.7 per cent stake.
It is expected to hold an 11.1 per cent interest once the latest investment is complete.
Cadillac holds a portfolio of gold and critical mineral projects in Ontario and Quebec.
Agnico Eagle says it’s acquiring the shares as part of its strategy of acquiring positions in prospective opportunities with high geological potential.