Non-brokered deal funds drilling, studies, testing, development work
By Devika Patel
Knoxville, Tenn., July 27 - Rubicon Minerals Corp. said it plans a C$70 million non-brokered private placement of stock with Agnico-Eagle Mines Ltd.
The investor will buy 21,671,827 common shares at C$3.23 apiece, a 0.31% discount to the July 26 closing share price of C$3.24. As a result of the placement, Agnico-Eagle will own 9.2% of the company's outstanding shares.
Settlement is expected July 28.
Proceeds will be used for additional drilling, studies, testing and other development work in connection with the F2 Gold System at the Phoenix Gold Project. The parties also agreed to negotiate a technical services agreement that will provide Rubicon Minerals access to Agnico-Eagle's geological and engineering mining team to help develop the F2 Gold System.
Based in Vancouver, B.C., Rubicon is a mineral exploration-stage company that explores for commercially viable gold and base metal deposits.
| Issuer: | Rubicon Minerals Corp.
|
| Issue: | Common shares
|
| Amount: | C$70 million
|
| Shares: | 21,671,827
|
| Price: | C$3.23
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Agnico-Eagle Mines Ltd.
|
| Pricing date: | July 27
|
| Settlement date: | July 28
|
| Stock symbol: | Toronto: RMX
|
| Stock price: | C$3.06 at close July 27
|
| Market capitalization: | C$656.04 million
|
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