Agnico Eagle invests $14.8M in Scout Discoveries for 14.9% stake

Agnico Eagle Mines Limited has announced a $14.8 million investment in Scout Discoveries Corp., acquiring a 14.9% stake in the company. The Electrum Group, Scout's largest shareholder, is contributing an additional $10.2 million to increase its stake to 30%. The investment, completed under Rule 506(b) of Regulation D, totals $25 million and is contingent on the fulfillment of customary closing conditions.

Scout Discoveries will acquire seven projects from Elemental Royalty Corp. subsidiaries, relieving it of future cash payments and work commitments. Agnico Eagle will execute an earn-in agreement for Scout's Elk City Project in Idaho, allowing it to earn a 51% interest by funding $20 million over five years, with the potential to earn up to 70% by funding an additional $40 million over three years.

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