Agnico Eagle Mines Ltd. raised its stake in Royal Road Minerals Ltd. to 19.9% from 9.43% after acquiring an additional 26,133,158 shares through a private placement for about C$5.2 million or 20 cents apiece.

Agnico now owns 42,512,708 ordinary shares of Royal Road from 16,379,550 shares previously, according to a May 24 release.

In connection with the deal, Royal Road granted Agnico Eagle the right to participate in future equity financings to maintain an ownership stake in Royal Road.

Agnico said it acquired the shares for investment purposes, adding that it may acquire more Royal Road shares or dispose of some or all of them.

Royal Road recently struck a deal with AngloGold Ashanti Ltd. to acquire some Colombian exploration assets for US$4.7 million. The company also owns gold assets in Nicaragua.