Collective’s Guayabales project in the Caldas department of western Colombia. Credit: Collective Mining
Collective Mining (TSX, NYSE: CNL) hit a fresh one-year high after the company secured a C$63.4 million ($44 million) investment from Agnico Eagle Mines (TSX, NYSE: AEM) in a share offering and warrants deal.
Collective rose 3.4% to C$11.54 on Friday morning in Toronto Stock Exchange trading. That gave the company a market capitalization of C$897.6 million.
Agnico agreed to buy 4,741,984 common shares of Collective at C$11.00 apiece, the company said on Friday. Closing of the offering will depend on Agnico exercising the purchase warrants it holds to buy another 2.25 million shares at C$5.01 each. In that case, Agnico would own 14.99% of Collective.
“I would like to thank Agnico Eagle for its additional support as we continue to advance our Guayabales project,” Collective’s executive chair…
