Gold miner Osisko Mining Corp, which has offered about C$550 million for Queenston Mining Inc , said it will purchase Agnico-Eagle Mines Ltd's 9.2 percent stake in Queenston, removing a potential rival bidder. Agnico-Eagle, Queenston's fourth-largest shareholder, will sell its stake for about C$42.3 million ($42.51 million). At least one analyst had said the company could be interested in making an offer for Queenston.Queenston shares fell as much as 7 percent to C$5.03 as the agreement between Osisko and Agnico-Eagle lowered the chances of a bidding war."Obviously people were thinking if there was another party that was likely to bid. Agnico was probably the obvious contender," Queenston spokesman David Donovan told Reuters.He declined to say if the company has received any other bids.
Operates as a mine developer.
Queenston Mining Inc. (Queenston) is a Canadian resource company engaged in the exploration for gold in Canada. Shares of QMI fell by 6.26% or $-0.34/share to $5.09. In the past year, the shares have traded as low as $2.90 and as high as $6.15. On average, 310030 shares of QMI.TO exchange hands on a given day and today's volume is recorded at 1780719.
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