Aerial view of Committee Bay. Credit: Fury Gold Mines
Agnico Eagle Mines (TSX, NYSE: AEM) has nearly tripled its equity position in junior explorer Fury Gold Mines (TSX, NYSE American: FURY) with a further C$4.3 million ($3 million) investment.
In a press release Tuesday, Fury announced that Agnico had acquired approximately 6.73 million of its shares and warrants to buy the same number of shares for a per-unit price of C$0.64. The warrants have an exercise price of C$0.80 per share, valid for three years.
Fury Gold Mines opened the trading session at C$0.53 apiece, and ticked 2% higher at C$0.54 as of 10:45 a.m. ET. Its market capitalization is estimated at C$88.2 million ($64 million).
Agnico previously held 3.75 million or 2.3% of Fury’s shares. The new investment takes its holding to approximately 6.3%, potentially rising to 9.9% if the warrants are exercised.
According to Fury, most of the…
