Rupert Resources (RUP.TO) on Tuesday was last seen up 6% after the company said it closed a previously announced private placement of 6.3-million shares issued at a price of $4.50 per share for proceeds of $28.5 million.

Agnico Eagle Mines (AEM.TO) exercised its participation right to subscribe for 2.6-million shares, resulting in Agnico Eagle retaining about a 14% interest in Rupert Resources on a non-diluted basis upon closing of the private placement.

The company added that pursuant to its rights under the investor rights agreement between Rupert Resources and Agnico Eagle dated Feb. 11, 2020, Agnico Eagle has designated Carol Plummer as its nominee to be appointed, or nominated for election, to the board. Rupert Resources said it will nominate Carol Plummer for election as a director at the upcoming annual general meeting of the company's shareholders.

Proceeds of the private placement will be used for on-going exploration expenditures, technical and environmental studies on the company's properties in Finland and for general corporate purposes.

Shares of the company were last seen up $0.24 at $4.35 on the Toronto Stock Exchange.