Agnico Eagle Mines Limited (NYSE:AEM) is one of the best growth stocks to buy, according to billionaire Ray Dalio’s Bridgewater Associates. On June 4, Agnico Eagle Mines Limited (NYSE:AEM) announced it is acquiring a 7.5% net profit interest royalty from Prism Resources.
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The company is to pay $5 million in cash for the profit-interest royalty, which covers certain properties in the Porcupine Mining District of Ontario. While the transaction is expected to close in the third quarter, it requires approval from Prism shareholders and is subject to other customary closing conditions. Although Agnico Eagle Mines Limited owns about 5.75 million shares of Prism Resources, it is not acquiring any additional common shares through the new transaction.
The acquisition of the 7.5% net profit interest royalty comes on the heels of Agnico Eagle Mines entering into an investment agreement with Wallbridge Mining Company. The company is to purchase 243,927,966 common shares of Wallbridge at $0.092 per share for a total consideration of C$22.44 million. The acquisition is part of a strategy focused on securing strategic positions in prospective opportunities.
Agnico Eagle Mines Limited is a Canadian-based, senior gold mining company and the second-largest gold producer in the world. It is engaged in the exploration, development, and production of precious metals and operates a diverse portfolio of mines across Canada, Australia, Finland, and Mexico.
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