- ATEX Resources (TSXV:ATX) reveals it has received a strategic investment of C$55 million from Agnico Eagle Mines (TSX:AEM)
- Proceeds will go towards ATEX’s exploration at the Valeriano copper-gold project in Chile
- Agnico Eagle will receive 33.9 million units at C$1.63 per unit
- Shares of ATEX Resources are up 11.72 per cent to C$1.62, while shares of Agnico Eagle are down 0.78 per cent to $120.86
ATEX Resources (TSXV:ATX) reveals it has received a strategic investment of C$55 million from Agnico Eagle Mines (TSX:AEM).
In a news release, ATEX Resources stated the proceeds will go towards its exploration at the Valeriano copper-gold project in Chile and general corporate purposes.
Under the terms of the private placement, Agnico Eagle will subscribe for roughly 33.9 million shares at $1.63 each with the price based on the closing of ATEX Resources’ common shares as of Oct. 18.
“This transaction results in ATEX being well capitalized through 2025 to execute on our future drill programs and to continue defining this deposit while also continuing to de-risk and conduct engineering studies,” Ben Pullinger, CEO of ATEX Resources, said in a statement, “Agnico is a partner of choice within the mining industry, recognized globally for its leading practices, and we are proud to have them as a strategic investor.”
In its own news release, Agnico Eagle stated that its investment into ATEX will provide Agnico Eagle with exposure to an early stage, copper-gold exploration project in Chile, an established mining jurisdiction.
ATEX Resources is exploring the Valeriano Copper-Gold Project located within the emerging copper-gold porphyry mineral belt in the Atacama Region of Chile.
Shares of ATEX Resources Inc. (TSXV:ATX) are up 11.72 per cent to C$1.62 as of 10:58 am ET, while shares of Agnico Eagle Mines (TSX:AEM) are down 0.78 per cent to $120.86 as of 10:54 am ET.
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