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Agnico investing C$9.7M in Candelaria Mining

Agnico Eagle Mines Ltd. is investing C$9.8 million in Candelaria Mining Corp. through a private placement, according to June 6 news release.

Upon completion, Agnico will own about 9.95% of the common shares of Candelaria through the purchase of 10,120,000 shares at a price of 96.5 Canadian cents each.

In connection with the closing of the transaction, the companies will enter into an investor rights agreement under which Agnico, provided it owns at least a 5% stake in Candelaria, will have the right to participate in equity financings by the latter in order to maintain its 9.95% ownership interest and the right to nominate one person to Candelaria's board.

Candelaria CEO Ramon Perez said this strategic investment by Agnico demonstrates the quality and potential of its Caballo Blanco gold project in Mexico.

"We are excited to have this investment to allow us to initiate on our strategic objectives, principally intended to expand and upgrade the Caballo Blanco resource."