Prior to placement, Agnico held approximately 40.85 million or 11.97% of Maple’s issued stock. It now owns 19.99% on a non-diluted basis.
The placement was set up as part of the companies’ agreement last week to end their joint venture in Québec, with Agnico transferring the Douay and Joutel properties to Maple in exchange for a future purchase option on these assets should certain development milestones be achieved.
The net proceeds are intended for exploration on the two properties, both located along the Casa Berardi-Douay gold trend, a structure within the prolific Abitibi greenstone belt known to host world-class gold deposits such as Beattie and the Canadian Malartic.
At the time, Maple Gold’s CEO Kiran Patankar called the JV restructuring a “transformative, value-unlocking transaction” that resulted from teamwork between the companies, and it represents a “win-win for both parties” for the continued…
