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TORONTO - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM), a mining giant with a market capitalization of $53.5 billion and an impressive 94% return over the past year, has completed the acquisition of all outstanding common shares of O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF), making O3 Mining a fully-owned subsidiary. This amalgamation follows a board-supported take-over bid by Agnico Eagle. According to InvestingPro analysis, the company currently trades near its 52-week high, reflecting strong market confidence in its expansion strategy.
Shareholders of O3 Mining, excluding Agnico Eagle, will receive $1.67 in cash per common share. It is anticipated that O3 Mining’s common shares will be delisted from the TSX Venture Exchange by March 20, 2025, and the company will seek to cease as a reporting issuer under Canadian securities laws.
Registered shareholders of O3 Mining must complete and submit a letter of transmittal, as outlined in the management information circular dated February 13, 2025, to receive the cash consideration, subject to applicable withholdings. Non-registered shareholders should consult their financial intermediaries for instructions on exchanging their shares.
Warrantholders of O3 Mining can exercise their warrants before expiry to receive $1.67 in cash instead of common shares, in line with the amended terms of the Warrant Indenture.
Agnico Eagle, a senior gold mining company established in 1957, is recognized for its sustainability practices within the mining industry and has consistently provided shareholder value, maintaining dividend payments for 33 consecutive years with a current yield of 1.52%. InvestingPro research reveals the company’s strong financial health with an overall score of "GREAT," supported by robust revenue growth of 25% in the last twelve months. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
This news release contains forward-looking statements, including the expected timeline for delisting O3 Mining’s common shares and ceasing its reporting issuer status, as well as the cash receipt upon exercise of warrants. These statements are based on current expectations and involve risks that may cause actual results to differ materially.
This article is based on a press release statement and presents the key facts of the acquisition without endorsement of claims or speculative implications.
In other recent news, Agnico Eagle Mines Limited has announced its decision to expand its stake in Collective Mining Ltd. through a non-brokered private placement. This transaction involves acquiring 4,741,984 common shares of Collective at C$11.00 each, totaling C$52,161,824. Additionally, Agnico Eagle plans to exercise warrants to purchase an extra 2,250,000 common shares at C$5.01 per share, amounting to C$11,272,500. This strategic move will enhance Agnico Eagle’s ownership in Collective to approximately 14.99% of the issued and outstanding common shares on a non-diluted basis. Agnico Eagle’s investment aligns with its strategy of acquiring strategic positions in high-potential geological projects. The initial relationship between the companies began with an investment on February 24, 2024, which included an investor rights agreement. This agreement will be amended to reflect the new ownership interest ceiling of 14.99% on a partially-diluted basis. Agnico Eagle has stated that the acquisition of common shares is for investment purposes and may consider additional acquisitions or disposals of Collective securities based on market conditions.
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