Belo Sun Mining (TSX: BSX; US-OTC: VNNHF) got a welcomed boost after Agnico Eagle Mines (TSX: AEM; NYSE: AEM) said it would buy a 17.4% interest in the junior for $15 million.
Under the non-brokered private placement, announced after markets closed on May 14, Agnico will purchase 62.5 million Belo Sun shares for 24¢ apiece. Proceeds from the deal, expected to close shortly, will go towards advancing Belo Sun’s flagship Volta Grande gold project in Brazil’s Para state.
The junior’s CEO Peter Tagliamonte says Agnico’s investment is a “strong endorsement” in the quality and potential of the company’s flagship project. And many analysts agree. …
On the same day, Agnico reported it took part in Pershimco Resources’ (TSXV: PRO) $7 million equity raise at 17¢ per share. The major bought 13.2 million shares for $2.2 million. It now holds 52.8 million Pershimco shares, or 19.93% of the company.
Pershimco intends to use a bulk of the proceeds to develop its Cerro Quema project in Panama and to fund exploration.
Read the complete article at NorthernMiner.com/news/agnico-invests-in-juniors