ATEX Resources, a publicly traded company on the TSX Venture Exchange (TSXV: ATX), recently announced that it has secured a strategic investment of C$55 million from Agnico Eagle Mines, which is also listed on the TSX (TSX: AEM).
The funds raised through this investment will be allocated towards ATEX’s exploration activities at the Valeriano copper-gold project in Chile, as well as for general corporate purposes. Under the terms of the private placement, Agnico Eagle will acquire approximately 33.9 million units at a price of C$1.63 per unit, based on the closing price of ATEX Resources’ common shares on October 18.
ATEX Resources’ CEO, Ben Pullinger, emphasized the significance of this transaction in enabling the company to fund its exploration and development initiatives through 2025. He highlighted Agnico Eagle’s reputation as a respected industry partner with global recognition for its mining best practices.
In response to the investment, Agnico Eagle Mines stated that this opportunity provides them exposure to an early-stage copper-gold exploration project in Chile, a region known for its established mining jurisdiction. ATEX Resources is actively exploring the Valeriano Copper-Gold Project, situated within the emerging copper-gold porphyry mineral belt in the Atacama Region of Chile.
Following the announcement of the investment, ATEX Resources Inc. saw a surge in its stock price, up by 11.72% to C$1.62, while shares of Agnico Eagle Mines experienced a slight decline of 0.78% to $120.86.
Investors and market enthusiasts can engage in discussions related to this development on the ATEX Resources Inc. and Agnico Eagle Mines Ltd. Bullboards, as well as explore other stock-related topics on Stockhouse’s stock forums and message boards.
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