#Canada #Toronto #Agnico Eagle #O3 Mining #Marban Alliance

Agnico Eagle Acquires Majority Stake in O3 Mining

In a significant development in the mining sector, Agnico Eagle Mines Limited has announced the successful acquisition of 94.1% of the outstanding shares of O3 Mining Inc. This milestone follows an all-cash offer of $1.67 per share, which represents a considerable 58% premium over O3 Mining's closing price as of December 11, 2024. The transaction not only reflects Agnico Eagle's strategic interest in expanding its portfolio but also affirms the confidence in O3 Mining's potential, particularly regarding the Marban Alliance project in Québec.

The tender offer satisfied the minimum requirements, enabling Agnico Eagle to proceed with the acquisition of over 110 million common shares of O3 Mining. As of January 24, 2025, the miner indicated that it plans to fulfill payments for the acquired shares by January 28, 2025, promising prompt compensation to shareholders who have already tendered their stocks.

In an effort to facilitate participation from remaining shareholders, Agnico Eagle announced an extension of the deadline for the offer to February 3, 2025. This decision aims to encourage additional shareholders to take advantage of the lucrative cash offer before the expiry time at 11:59 p.m. (EST). Agnico Eagle urges shareholders that have not yet tendered their shares to act quickly, as intermediaries often set earlier cut-off times for processing submissions.

José Vizquerra, President and CEO of O3 Mining, expressed satisfaction with this outcome, highlighting the immediate value and premium available to shareholders. He stated that the partnership with Agnico Eagle will significantly enhance the advancement of key projects, leveraging Agnico’s expertise and financial stability.

How to Tender Shares

Agnico Eagle has provided clear guidance for O3 Mining shareholders on how to participate in this offer. Shareholders holding their stocks through brokers or other intermediaries should reach out directly to those entities for instructions. For registered shareholders, assistance can be sought from Laurel Hill Advisory Group, which is managing the tendering process for this transaction.

Upcoming Steps

Following the conclusion of the offer period, Agnico Eagle plans to pursue a second-step process aimed at acquiring the remaining shares not tendered. Full details regarding this process are laid out in the takeover bid circular accessible on O3 Mining’s and Agnico Eagle’s official websites.

Board Transition

In conjunction with the acquisition, O3 Mining's board has been restructured to include representatives from Agnico Eagle. The new board composition aims to integrate Agnico Eagle's expertise directly into the leadership of O3 Mining, poised to guide the company through its next developmental phases.

With Agnico Eagle now owning roughly 95% of O3 Mining's common shares, the stage is set for a robust partnership that promises to elevate both companies in the competitive mining sector. This acquisition not only signals a strong commitment from Agnico Eagle to enhance its operational scale but also offers a unique opportunity for O3 Mining to leverage Agnico Eagle’s vast resources and expertise in mining and development.

Conclusion

This strategic alliance marks a pivotal moment for both Agnico Eagle and O3 Mining as they move forward together. The extended offer deadline gives remaining shareholders a final chance to capitalize on an exceptional offer that will benefit all parties involved, ensuring the continued advancement of mining excellence in the region. As the February deadline approaches, interested shareholders should act swiftly to secure their shares in this promising venture.