VANCOUVER — It’s been a busy 12 months on the acquisition front for Agnico Eagle Mines (TSX: AEM; NYSE: AEM), and the company continued its drive on April 10 with a $32-million bid for Toronto-based explorer Soltoro (TSXV: SOL; US-OTC: SLTOF).
The deal completes a regional play Agnico began in September when it forked over $205 million for Cayden Resources (TSXV: CYD)and its 410 km2 El Barqueno property in the Guachinango gold district in Jalisco state, Mexico.
Under the deal, Soltoro shareholders will receive 0.00793 of an Agnico share, 1¢ in cash and one share valued at 2¢ in a spin-out company.
Agnico will pick up the El Rayo, El Tecolote, La Tortuga, San Pedro and Quila exploration projects. Meanwhile, the new Soltoro vehicle will hold the Gavilan, El Santuario and Chinipas properties outside of Jalisco, plus $2 million in cash.
Read the complete article at NorthernMiner.com/news/agnico-soltoro