BMO Provides Color on Rubicon Minerals
BMO provided color on Rubicon Minerals (NYSE: RBY). In a research report published today, BMO commented on Agnico Eagle's (NYSE: AEM) purchase of a stake in the company.
In the report, BMO states, “Rubicon announced that Agnico-Eagle (AEM-NYSE; AEM-TSX) has agreed to purchase 21.7M RMX shares at a price of C$3.23/share (C$70M), a 5.6% premium to today's close. In addition, RMX and AEM announced the signing of a technical services agreement, whereby RMX can access AEM's geological and engineering expertise. The transaction is expected to close tomorrow.”
At the moment, BMO has an Underweight rating and PT of $3.50 placed on the company's stock. On Wednesday, RBY closed the day at $3.21.
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