Here’s the NR, here’s the pay dirt:
TORONTO, April 20, 2018 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM)
(“Agnico Eagle” or the “Company”) announced today that it has disposed
of 44,551,000 common shares of Belo Sun Mining Corp. (“Belo Sun”) in a
pre-arranged trade executed through the facilities of the Toronto Stock
Exchange (the “TSX”). The sale price was C$0.335 per common share (the 30-day volume weighted average price of the common shares of Belo Sun on the TSX at the time of the trade), for aggregate proceeds of C$14,924,585.
The Company reviews its portfolio of equity investments in
junior mining companies on an ongoing basis. The Company completed the
disposition in order to monetize a non-core asset held in its portfolio.
Immediately prior to the disposition, Agnico Eagle owned 89,102,760 common shares of Belo Sun, representing approximately 19.14% of the issued and outstanding common shares of Belo Sun on a non-diluted basis. Following the disposition, Agnico Eagle owns 44,551,760 common shares of Belo Sun, representing approximately 9.57% of the issued and outstanding common shares of Belo Sun on a non-diluted basis.
PS: Back in December 2017 in the subscriber-only IKN Weekly edition IKN446, while commenting on the latest round of negative news for BSX, we ran the calc on the cost average for AEM on BSX.to shares. It went like this:
Here’s how AEM has bought into
BSX, three trades between 2015 and 2016:
- 62.5m shares bought at 24c
- 11.68m shares bought at 53c
- 15.42m shares bought at 97c per share
That first move at the market bottom was a good
entry point, since then they’ve topped up twice and in total have spent CAD$36.15m
spent for 89.6m shares, an average of 40.3c per share.
So AEM is taking a small loss on exit. No biggie though.