Agnico Eagle backs junior that operates near its Finland gold mine

Gold miner Agnico Eagle has made a C$13.1-million strategic investment in exploration and development company Rupert Resources, which owns a project about 50 km from a mine that the Canadian mid-tier producer owns.

Agnico Eagloe subscribe for 15 391 605 units of TSX-V-listed Rupert in a nonbrokered private placement at a price of $0.85 a unit for total consideration of C$13.08-million.

On closing of the private placement, Agnico Eagle will own about 9.9% of the issued and outstanding common shares of Rupert on a nondiluted basis and 16.1% of the issued and outstanding common shares on a partially-diluted basis.