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Agnico Eagle Mines Takes 14.9% Stake in Scout Discoveries With $14.8 Million Investment, Scout Says

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Scout Discoveries said Friday it has agreed to a $14.8 million strategic investment from Agnico Eagle Mines (AEM.TO) at $1.50 per share, giving Agnico Eagle a 14.9% fully diluted stake in the company.

Scout's largest shareholder, The Electrum Group, will invest $10.2 million at $1.50 per share, increasing its ownership from 30% from 27%, the company added.

Agnico Eagle can earn up to a 70% interest in Scout's Elk City and Muldoon projects by funding up to $60 million and $30 million, respectively, in exploration over eight years, Scout said, adding that about $9.4 million is budgeted through 2027.

Investments by Agnico Eagle Mines and The Electrum Group total $25 million through a private placement with no warrants or fees. Closing is subject to customary conditions and completion of ownership transfers related to the Muldoon project, the company said.

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