Agnico Eagle Mines Limited (NYSE: AEM) announced that Avenir Minerals Limited, a wholly-owned subsidiary, acquired 666,667 units of Canada Nickel Company Inc. at C$1.50 per unit for total consideration of approximately C$1,000,000, through a non-brokered private placement.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to acquire one common share at C$2.25 for 36 months following the closing date of the private placement.

Following the transaction, Avenir beneficially owns 22,467,926 common shares and 8,293,962 warrants in Canada Nickel, representing approximately 8.68% of issued and outstanding common shares on a non-diluted basis and approximately 11.52% on a partially-diluted basis.

Prior to the private placement, Avenir and Agnico Eagle together held 21,801,259 common shares and 7,960,629 warrants, representing approximately 8.91% on a non-diluted basis and 11.78% on a partially-diluted basis.

Agnico Eagle and Canada Nickel are party to an investor rights agreement dated December 29, 2023, which grants Agnico Eagle the right to participate in certain equity offerings and maintain or acquire up to the greater of its then-current ownership interest or 15.6% on a partially-diluted basis. The agreement also includes the right to nominate one person to Canada Nickel's board of directors, which Agnico Eagle has stated it has no present intention of exercising.

Agnico Eagle said it will file an amended early warning report in accordance with applicable securities laws.