Meanwhile major mining companies front running investiments in...

Meanwhile major mining companies front running investiments in Colombia

Agnico Eagle invests in Colombian explorer Collective Mining

Exploration and development company Collective Mining has secured a C$63.4-million investment from Agnico Eagle Mines.Agnico Eagle has agreed to subscribe for 4 741 984 common shares at C$11 a share.

Closing is conditional, among other things, on Agnico exercising the common share purchase warrants that it holds to acquire a further 2.25-million shares at C$5.01 a share.At closing of the offering, Agnico Eagle's ownership interest in the shares is expected to increase to about 14.99%.“I would like to thank Agnico Eagle for its additional support as we continue to advance our Guayabales project. The proceeds received will enable us to continue with our planned drill programme and we look forward to releasing results in the near term,” said executive chairperson Ari Sussman.Founded by the team that developed and sold Continental Gold to Zijin Mining for $2-billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas. The company has options to acquire 100% interests in two projects located directly within an established mining camp with 10 fully permitted and operating mines.
The company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade gold/silver/copper/tungsten Apollo system.