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Agnico Eagle Mines and Radisson Mining Resources Enters into Subscription Agreement

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Agnico Eagle Mines (AEM.TO, AEM) on Monday said it agreed to acquire around 53.4-million units of Radisson Mining Resources (RDS.V) at a price of C$1.07 each for a total C$57.16 million in a non-brokered private placement, the companies said Monday.

Each unit is made up of a Class A common share of Radisson and one-half of a five-year warrant to buy a share for C$1.39.

The private placement, expected to close on or about Sept. 2, is subject to certain closing conditions, it said.

The investment is expected to help Radisson to start an advanced underground exploration program at its O'Brien Gold Project in the Abitibi region of Quebec, said Radisson.

Agnico Eagle and Radisson will enter into an investor rights agreement upon closing of the private placement, Agnico added.

Radisson shares closed unchanged at C$1.01 Friday on the TSX Venture Exchange, while Agnico Eagle closed up C$5.71 to C$297.82 on the Toronto Stock Exchange.

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