Agnico-Eagle Mines Sells Queenston Mining Stake; Stock Hits Year Top

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Agnico-Eagle Mines Limited ( AEM ) shares hit a year high of $57.24 earlier in the session, and are now trading up 1.3% at $57.20, after the company announced that it had entered into an agreement to sell 7.8 mln common shares of Queenston Mining Inc. to Osisko Mining Corporation for cash consideration of C$5.43 per Share.

The shares represent approximately 9.21% of the issued and outstanding shares. Upon the closing of the transaction, which is expected to occur on November 29, 2012, Agnico-Eagle will hold no shares.

Under the Purchase Agreement, Agnico-Eagle has agreed to deliver a proxy instructing that the shares be voted in favor of the arrangement transaction between Queenston and Osisko.

AEM shares have a day range of $55.44 - $57.24, with a year low of $31.42.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AEM

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