Collective Mining (CNL) said Monday that Agnico Eagle Mines (AEM) plans to exercise its participation rights in Collective Mining's recently announced 125 million Canadian dollars ($89.5 million) bought-deal public share offering.

Agnico Eagle Mines intends to subscribe for 789,473 Collective Mining common shares at CA$19 per share and will hold about a 14.6% stake in Collective Mining following the transaction, according to the statement.

Collective Mining shares were up more than 1% and Agnico shares were edging 0.7% higher in recent trading Monday.

Price: 170.58, Change: +1.16, Percent Change: +0.68