Canada’s Agnico Eagle (TSX, NYSE: AEM) is increasing its stake in Foran Mining (TSX: FOM) from 9.9% to 13.5% by purchasing 30 million voting common shares at C$3 each, for a total of C$90 million ($64m).
The private placement, part of Foran’s broader C$350 million financing effort, includes backing from the Canada Growth Fund and Fairfax Financial Holdings. It will close in two tranches, pending regulatory and shareholder approvals. The first tranche is expected to close on or around May 28. The second will follow as soon as shareholder approval is secured.
Agnico’s strategic partnership with Foran began in August 2024, granting the gold miner certain ownership threshold rights. Recent changes to the agreement now allow Agnico to raise its stake to 19.99% and gain additional board representation if the Vancouver-based developer expands its board.
Foran is focused on advancing its flagship McIlvenna Bay copper-zinc-gold-silver project in the Western Canadian province of Saskatchewan.
