TORONTO, April 20, 2018 /PRNewswire/ - Agnico Eagle
Mines Limited (NYSE: AEM, TSX: AEM) ("Agnico Eagle" or the
"Company") announced today that it has disposed of 44,551,000
common shares of Belo Sun Mining Corp. ("Belo Sun") in a
pre-arranged trade executed through the facilities of the Toronto
Stock Exchange (the "TSX"). The sale price was C$0.335 per common share (the 30-day volume
weighted average price of the common shares of Belo Sun on the TSX at the time of the trade),
for aggregate proceeds of C$14,924,585.
The Company reviews its portfolio of equity investments in
junior mining companies on an ongoing basis. The Company
completed the disposition in order to monetize a non-core asset
held in its portfolio.
Immediately prior to the disposition, Agnico Eagle owned
89,102,760 common shares of Belo
Sun, representing approximately 19.14% of the issued and
outstanding common shares of Belo
Sun on a non-diluted basis. Following the disposition,
Agnico Eagle owns 44,551,760 common shares of Belo Sun, representing approximately 9.57% of
the issued and outstanding common shares of Belo Sun on a non-diluted basis.
In connection with the disposition, Agnico Eagle granted to the
purchaser an option (the "Option") to acquire, through the
facilities of the TSX, the remaining 44,551,760 common shares of
Belo Sun currently owned by Agnico
Eagle. The Option is exercisable for 60 days from the date
hereof at the then-applicable price of the common shares of
Belo Sun on the TSX. If the
Option is not exercised prior to its expiry, Agnico Eagle intends
to dispose of the remaining common shares of Belo Sun in an orderly fashion as market
conditions permit. If Agnico Eagle is unable to sell the
common shares at prices and on terms acceptable to it, it may
continue to hold the common shares until such time as it is able to
do so.
An early warning report will be filed by Agnico Eagle in
accordance with applicable securities laws. To obtain a copy
of the early warning report, please contact:
Aurea Dela Resma
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Agnico Eagle's head office is located at 145 King Street East,
Suite 400, Toronto, Ontario M5C
2Y7. Belo Sun's head office is
located at 65 Queen Street West, Suite 815, Toronto, Ontario M5H 2M5.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has
produced precious metals since 1957. Its eight mines are
located in Canada, Finland and Mexico, with exploration and development
activities in each of these countries as well as in the United States and Sweden. Agnico
Eagle and its shareholders have full exposure to gold prices due to
its long-standing policy of no forward gold sales. Agnico
Eagle has declared a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at
April 20, 2018. Certain
statements in this news release, referred to herein as
"forward-looking statements", constitute "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" under the provisions of Canadian provincial securities
laws. These statements can be identified by the use of words
such as "may", "will" or similar terms.
Forward-looking statements in this news release include, without
limitation, statements relating to Agnico Eagle's disposition of
common shares of Belo Sun in the
future.
Forward-looking statements are necessarily based upon a number
of factors and assumptions that, while considered reasonable by
Agnico Eagle as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Many factors, known and
unknown, could cause actual results to be materially different from
those expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date made. Other than as required by law, Agnico Eagle does
not intend, and does not assume any obligation, to update these
forward-looking statements.
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SOURCE Agnico Eagle Mines Limited