Agnico Eagle Mines Ltd. said March 27 that it agreed to sell 5,003,412 common shares directly to a new institutional investor at US$43.97 each, raising about US$220 million for the miner.

The company did not disclose more details about its new investor but noted that the common shares were offered without an underwriter or a placement agent.

Agnico Eagle expects the offering to close on or around March 31 and has earmarked the proceeds for general corporate purposes.