• Sun. Oct 25th, 2020

Maple Gold Mines up 30% on Agnico joint venture news

ByAdministrator

Oct 9, 2020 ,
Maple Gold Mines up 30% on Agnico joint venture news
Maple Gold Mines Ltd. [MGM-TSXV; MGMLF-OTCQB; M3G-FSE] shares jumped by over 30% Thursday on news that the firm has signed a binding timeframe sheet with Agnico Eagle Mines Ltd. [AEM-TSX, NYSE]. The timeframe sheet contemplates a 50-50 joint venture that combines Maple Gold’s Douay Mission and Agnico’s Joutel Mission in a consolidated joint property package.

The Douay and Joutel projects are contiguous properties positioned in the Abitibi space of Quebec. The Joutel mission hosts Agnico’s previous-producing Telbel Mine.

Agnico has furthermore agreed to total a $6.2 million strategic funding in Maple Gold by subscribing for 25.8 million objects in a non-brokered deepest placement at 23.9 cents per half.

The strategic funding brings Agnico’s stylish half ownership in Maple Leaf to 12.8%

To boot to the strategic funding, Agnico has pledged to exclusively fund $18 million in exploration over a four-year timeframe.

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