Mentioned:
CNL -11.69% AEM -7.41%
One of the world’s largest mining conglomerates is doubling down on their bet on Collective Mining.
What’s happening:
- Collective Mining (NYSE: CNL) has announced a new strategic investment from Agnico Eagle (NYSE: AEM) for $63.4M CAD
By the numbers:
- Agnico Eagle will purchase 4,741,984 shares of Collective Mining at $11.00 per share CAD
- The new financing is contingent on Agnico Eagle exercising their existing 2,250,000 warrants at a price of $5.01 CAD
- Following the new equity financing and the conversion of existing warrants Agnico Eagle will own roughly 14.99% of Collective Mining
Why it matters:
- Collective Mining’s flagship Guayabales Project located in Colombia has been producing exceptionally high grade results from initial drilling and contains gold, silver, copper and even tungsten
Going deeper:
- Collective Mining was founded by the original team who built and scaled Continental Gold, which was eventually sold to Zijin Mining Group for over a billion dollars
