December 16, 2008 / 4:29 PM / 10 years ago

UPDATE 1-Agnico-Eagle to issue 900,000 shares at $38 apiece

Dec 16 (Reuters) - Agnico-Eagle Mines Ltd (AEM.TO) (AEM.N) said it will issue 900,000 common shares at $38 apiece to fund the purchase of surface rights and advance royalty payments at its Pinos Altos property in Mexico.

The offer price represents a discount of 10 percent to the stock’s Monday closing price of $42.31 on the New York Stock Exchange.

The company, which operates mines in Quebec, Finland and Mexico, said the issuance is scheduled to close on or about Dec. 19.

The stock offering is the latest in the steps Agnico-Eagle has taken to fund the development of its gold assets. In November, it said it would raise $252 million in private placement.

Shares of the company were trading at C$51.35 on the Toronto Stock Exchange and at $41.85 on the New York Stock Exchange Tuesday morning.

For the alerts, please double click [ID:nWNAB3237] (Reporting by Arup Roychoudhury in Bangalore; Editing by Deepak Kannan)

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