On February 10, 2020 Rupert Resources (TSXV:RUP) (“Rupert” or “the Company“) announced that Agnico Eagle Mines Limited (NYSE:AEM) (“Agnico“) had subscribed for 15,391,605 units of the company at a subscription price of C$0.85 for gross proceeds to Rupert of C$13,082,864, representing 9.9% of the Company. The proceeds will be used to further advance exploration of Rupert’s 100% owned Pahtavaara Project in Northern Finland.
James Withall, CEO of Rupert commented “The strategic investment by Agnico, one of the world’s premier gold mining companies and the operator of the Kittila mine, Europe’s largest gold mine located 50km from Rupert’s Pahtavaara Project, will help unlock the potential of our ground and validates Rupert’s exploration in the region. The new investment is expected to fund Rupert’s exploration campaign for at least 12 months and may lead to synergies in the event Rupert’s projects progress to the development stage.”
Agnico is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada, Finland and Mexico with exploration and development activities in each of these countries as well as in the United States and Sweden.
Fort Capital has acted as advisor to Rupert with respect to capital markets strategy and the investment by Agnico.