Agnico Eagle Mines Ltd (AEM)

[Sam Dan]

Raising money for development of mines

"The Globe and Mail reports in its Saturday edition Agnico Eagle Mines has registered to sell as much as $500-million (U.S.) in stocks or bonds as it looks to develop mines in Northern Canada and Mexico. A Bloomberg dispatch to The Globe says the base shelf prospectus is valid for 25 months. "Unless otherwise specified in a prospectus supplement, the net proceeds from the sale of the securities will be used for general corporate purposes, including to fund potential future acquisitions and capital expenditures," the company said in a filing Friday. Agnico Eagle wants to bring in partners and may sell stock to help fund projects as it battles low gold prices, chief financial officer David Smith told Bloomberg. Developing the Amaruq and Meliadine mines in Canada and El Barqueno in Mexico are the top priorities. Agnico Eagle closed Friday at $34.47, down $1.02 on the Toronto Stock Exchange.