Firefox Gold advised it entered into a strategic investment and an option agreement with Agnico Eagle. Following the private placement, Agnico Eagle will own approximately 10.9% of the issued and outstanding common shares on a non-diluted basis. Proceeds of the financing will be used, among others, for drilling at the Mustajärvi gold project.
Under the simultaneously signed option agreement, Agnico Eagle further has the right to earn a majority stake in the Kolho Properties through incurring exploration expenditures.
Kolho property location (Source: www.firefoxgold.com)
