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 Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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