Agnico Eagle Mines (AEM) Invests C$8.25 Million in Fuerte Metals

Agnico Eagle Mines Limited (NYSE:AEM) is one of the 11 Best Gold Stocks to Buy According to Hedge Funds. On October 9, Agnico Eagle Mines Limited (NYSE:AEM) reported that it acquired 5 million subscription receipts from a subsidiary of Fuerte Metals Corporation at a price of C$1.65 per receipt. The total cost of this investment was C$8.25 million.

According to the report by Agnico Eagle Mines Limited (NYSE:AEM), the subscription receipts will automatically turn into units that include one common share and one purchase warrant upon satisfaction of escrow release conditions. Each warrant will give Agnico Eagle Mines Limited (NYSE:AEM) the right to acquire an additional common share at a price of C$2.50 within five years from the date of issue.

This investment in Fuerte Metals Corporation aligns with Agnico Eagle Mines Limited’s (NYSE:AEM) strategy to invest in projects with high geological potential while also focusing on its portfolio of high-quality internal growth projects.

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company. With operations in Canada, Finland, and Mexico, the company is one of the world’s largest producers of gold.

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Disclosure: None. This article is originally published at Insider Monkey.