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UPDATE: Grayd Resource Corp Up 40%, Hits Record Highs on Agnico-Eagle Mines Bid; AEM Now Lower

Grayd Resource Corp (GYD.V) is up 40% and has hit a record $2.75 high with close to 10 million shares traded after gold miner Agnico-Eagle Mines (AEM.TO)- which is now down 11 cents at $66.87 and has touched $66.52 after earlier touching a day high $68.35 - said it will buy the Mexico-focused junior for about $275 million in cash and stock. The offer price of $2.80 per share represented a premium of 44% to Grayd's Friday closing of $1.95 (compared to an existing year high $2.02) on the Toronto Venture Exchange.

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

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