Royal Road Minerals is exploring in Saudi Arabia, Morocco, Colombia and Argentina. Credit: Royal Road Minerals
Agnico Eagle Mines (NYSE, TSX: AEM) says it has sold its entire 18% shareholding in copper-gold explorer Royal Road Minerals (TSXV: RYR) for proceeds of approximately C$5.51 million ($3.96m).
The shares, totalling nearly 47.9 million, were sold at C$0.115 each. This represents a 6% discount over Royal Road’s market open price of C$0.16 on Monday, the day of Agnico’s disclosure. On Tuesday, it again traded at C$0.16 apiece, for a 3.1% intraday gain and a C$39.9 million ($28.6 million) market capitalization.
Agnico has been a long-time shareholder of Royal Road, and in May 2019, the Canadian gold miner more than doubled its holding with a C$5.2 million equity investment. At the time, the shares were bought at $0.20 apiece.
The share sale, says Agnico, was made to “monetize its…
