- Agnico Eagle Mines (TSX:AEM) will invest C$63.4 million into Collective Mining (TSX:CNL) to top up working capital and further its ongoing exploration in Colombia
- The global mining giant will hold a 14.99 per cent position upon closing
- Collective Mining is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia
- Collective Mining stock has added 172.20 per cent year-over-year and 265.90 per cent since inception in 2021
Agnico Eagle Mines (TSX:AEM) will invest C$63.4 million into Collective Mining (TSX:CNL) to top up working capital and further its ongoing exploration in Colombia.
Collective has options to acquire two projects in an established mining camp with ten fully permitted and operating mines. Its flagship Guayabales project features multiple prospective targets, including the large-scale, bulk-tonnage and high-grade Apollo system, which contains gold, silver, copper and tungsten and is believed to have multi-million-ounce potential.
Agnico Eagle will subscribe for 4,741,984 Collective Mining common shares priced at C$11. Closing is subject to Agnico Eagle exercising share purchase warrants it currently holds, representing an additional 2.25 million shares priced at C$5.01.
Upon closing, Agnico Eagle’s ownership interest in Collective Mining will stand at approximately 14.99 per cent.
Leadership insights
“I would like to thank Agnico Eagle for its additional support as we continue to advance our Guayabales project,” Ari Sussman, Collective Mining’s executive chairman, said in a statement. “The proceeds received will enable us to continue with our planned drill program and we look forward to releasing results in the near term.”
About Collective Mining
Collective Mining is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The company was founded by the team that developed and sold Continental Gold to Zijin Mining for $2 billion in enterprise value. Management and insider ownership stands at 36 per cent.
Collective Mining stock (TSX:CNL) last traded at C$11.16 per share. The stock has added 172.20 per cent year-over-year and 265.90 per cent since inception in 2021.
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(Top image: Collective Mining)