Agnico-Eagle Mines (NYSE:AEM) Acquires 2 Million Units of Western Troy Capital (CDNX:WRY.V)

Agnico-Eagle Mines (NYSE:AEM) announced they have acquired 2 million units of Western Troy Capital Resources Inc. (CDNX: WRY.V) via a private placement. They paid $0.50 for each unit for a total of $1 million in cash.

Included in each individual unit was one common share of Western Troy Capital, along with one-half of one share purchase warrant, equaling 1 million Warrants.

Holders of the Warrants are allowed to acquire one common share at a price of $0.60 over the next two years from the date of closing.

So Agnico has 2 million commons shares of Western Troy and 1 million share purchase warrants. That equates to an ownership stake of 14.66 percent in WTR by Agnico on a partially diluted basis.

Agnico said the Units were acquired for investment purposes.

The gold miner closed Thursday at $81.42, rising by $0.22, or 0.27 percent.