Agnico Eagle Mines

Agnico Plans 14.9% Scout Stake, Idaho Earn-In

Agnico Eagle Mines is taking a 14.9% stake in Scout Discoveries for about US$14.8 million at US$1.50 per share, with The Electrum Group investing roughly US$10.2 million to raise its stake to 30% as part of a US$25 million private placement. The deal includes earn-in rights that could push Agnico to up to 70% in Scout’s Elk City and Muldoon projects by funding up to US$60 million and US$30 million over eight years, with initial milestones at 51% for Elk City and 51% for Muldoon before further increases.