Mike A nice bit of news from our neighbour. CNC up 23% . Check out the price target.
National Bank said Tuesday that it expects Agnico Eagle Mines' AEM shares to trade in line with peers because of the "relatively small size of the transaction" with Canada Nickel Co. Inc. CNC.Under the deal, Agnico Eagle bought 19.6 million units of Canada Nickel at $1.18 apiece from several sellers that acquired the units in connection with an offering of flow-through units by Canada Nickel, for a total consideration of $23.13 million."Agnico Eagle's management noted the purchase allows the company to diversify into the critical minerals sector in regions it currently operates and has a competitive advantage, with the investment representing an opportunity to establish a presence in an emerging nickel belt and monitor both the project's progress and emerging technologies relevant to its development," the analysts said.After the purchase, Agnico Eagle Mines now owns 12% of the issued and outstanding common shares of Canada Nickel on a non-diluted basis and 15.6% on a partially diluted basis, assuming the exercise of the warrants.National Bank has an outperform rating on the company with a price target of $86.
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