Agnico Eagle successfully takes up 94.1% of O3 | Finance news

Agnico Eagle Mines has introduced that it has acquired 110,424,431 common shares of O3 Mining, representing roughly 94.1% of the excellent common shares.

This acquisition is an element of Agnico Eagle’s board-supported takeover bid for all excellent common shares at a money price of $1.67 per common share.

The overall consideration payable for the deposited shares is roughly $184.4m, which will likely be accomplished by Agnico Eagle by 28 January 2025.

All situations of the offer have been happy or waived, permitting for this profitable acquisition, which was introduced in December final yr.

The board of administrators of O3 Mining has been reconstituted to incorporate representatives from Agnico Eagle, contemplating the profitable acquisition of the deposited shares.

O3 Mining president and CEO José Vizquerra mentioned: “We are pleased to achieve this excellent and timely outcome for our shareholders who tendered their common shares to the offer.

“While providing an opportunity for our shareholders to realise immediate value at a significant premium, the transaction will also enable the efficient advancement of the Marban Alliance project by Agnico Eagle, an experienced operator that has the financial strength, mining expertise and community commitment to take the project to its next stage of development.”

In response to the acquisition, Agnico Eagle has offered a necessary period extension of ten days till 11:59pm (EST) on 3 February 2025.

This extension goals to offer the remaining shareholders of O3 Mining the chance to tender their common shares and benefit from the all-cash offer price of $1.67 per common share.

After the expiry time, Agnico Eagle goals to finish a second-step transaction to buy the excellent common shares that weren’t tendered within the offer.

Edgehill Advisory is serving because the financial advisor to Agnico Eagle, whereas Davies Ward Phillips & Vineberg is offering legal advice.

For O3 Mining, Maxit Capital is appearing because the financial advisor, with Bennett Jones serving because the legal advisor.

Moreover, Fort Capital is advising the Particular Committee of unbiased administrators of O3 Mining, with Cassels Brock & Blackwell offering legal counsel.

Laurel Hill Advisory Group is the depositary and data agent for the transaction.

“Agnico Eagle successfully takes up 94.1% of O3 Mining shares” was initially created and printed by Mining Expertise, a GlobalData owned model.

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