Agnico Eagle announces C$5.02M private placement

Agnico Eagle (AEM) announced that it has agreed to purchase 19,315,300 units of Cascadia Minerals at a price of C$0.26 per unit for total consideration of C$5,021,978 under a non-brokered private placement. Each Unit is comprised of one common share of Cascadia and one-half of one common share purchase warrant of Cascadia. Each Warrant entitles the holder to acquire one Common Share at a price of $0.32 for a period of two years following the date of issuance. Agnico Eagle has also agreed to acquire 10M units at a price of C$0.26 per Unit for total consideration of C$2,600,000 from several sellers that will be participating in an offering of flow-through Units by Cascadia immediately prior to the Unit Purchases. The Private Placement and the Unit Purchases are subject to certain closing conditions, including approval of the TSX Venture Exchange, and are expected to close on or about April 17.