Agnico Eagle Mines Raises Stake in Maple Gold Mines to About 20%

By Robb M. Stewart

Agnico Eagle Mines has bumped up its stake in Maple Gold Mines with the purchase of roughly 2.9 million Canadian dollars (US$2.1 million) worth of the exploration company's shares.

Toronto-based Agnico said it picked up 33.8 million shares of Maple Gold from several sellers that acquired shares as part of an equity raising. The move raised its interest in the smaller company to just under 20% from an almost 12% stake previously.

Agnico said it acquired the shares for investment purposes.

Maple Gold said it closed a private placement of flow-through shares for gross proceeds of C$4.1 million that will help fund Canadian exploration expenses. The company is focused on advancing its Douay and Joutel gold projects in Quebec's Abitibi Greenstone Gold Belt.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

06-24-24 0828ET