TORONTO,
Nov. 18, 2011 /PRNewswire/ -
Agnico-Eagle Mines Limited ("Agnico-Eagle") (NYSE & TSX: AEM)
and Grayd Resource Corporation ("Grayd") (TSX-V: GYD & OTCQX:
GYDRF) announced today that 91,228,900 common shares (the "Shares")
of Grayd, representing approximately 94.77% of the outstanding
Shares on a fully-diluted basis, have been validly deposited
pursuant to the offer (the "Offer") made by Agnico-Eagle to acquire
all of the issued and outstanding Shares. All conditions of the
Offer have been satisfied and the Offer has now expired and will
not be extended. Agnico-Eagle has taken up all deposited Shares and
will pay for such deposited Shares not later than November 23, 2011.
As the Offer was accepted by holders of more
than 90% of the issued and outstanding Shares, Agnico-Eagle intends
to exercise its rights under the compulsory acquisition provisions
in Section 300 of the Business Corporations Act
(British Columbia) to acquire all
of the outstanding Shares that it does not currently own.
Agnico-Eagle expects to mail a notice of compulsory acquisition
(the "Notice of Compulsory Acquisition") to all remaining holders
of Shares shortly.
Upon completion of the compulsory acquisition,
Agnico-Eagle intends to take the necessary steps to delist the
Shares from the TSX Venture Exchange and to have Grayd cease to be
a reporting issuer under Canadian securities laws.
Grayd intends to apply to the British Columbia
Securities Commission to request an exemption from certain
continuous disclosure obligations pending the completion of the
compulsory acquisition, including the requirement to prepare, file
and mail to Grayd shareholders Grayd's annual and interim financial
statements and related materials.
About Agnico-Eagle
Agnico-Eagle is a long established, Canadian
headquartered gold producer with operations located in Canada, Finland and Mexico and exploration and development
activities in Canada, Finland, Mexico and the
United States. Agnico-Eagle has full exposure to higher gold
prices consistent with its policy of no forward gold sales and
maintains a corporate strategy based on increasing shareholders'
exposure to gold on a per share basis. It has paid a cash dividend
for 29 consecutive years. Agnico-Eagle's head office is located at
145 King Street East, Suite 400, Toronto,
Ontario M5C 2Y7.
About Grayd
Grayd is a growth-oriented junior natural
resource company focused primarily on exploring and developing a
large land position in Mexico
which is highly prospective for gold and silver mineralization.
Further information
For further information regarding Agnico-Eagle,
contact Investor Relations at info@agnico-eagle.com, call (416)
947-1212.
To obtain a copy of the early warning report
filed by Agnico-Eagle with the Canadian securities regulatory
authorities relating to the acquisition by Agnico-Eagle of the
Shares taken up to date, contact David
Smith, Senior Vice-President, Investor Relations of
Agnico-Eagle at (416) 947-1212.
For further information regarding Grayd, contact
Marc A. Prefontaine, President and
CEO of Grayd or Daniel G. McIntyre,
Manager Corporate Communications of Grayd at (604) 681-7446 or
visit Grayd's website at www.grayd.com.
U.S. Shareholders
This news release does not constitute an offer
to purchase or sell or a solicitation of an offer to sell or
purchase shares of Grayd or Agnico-Eagle made to any person in
the United States of America, its
possessions and other areas subject to its jurisdiction or to, or
for the account or benefit of, a U.S. person (as defined in
Regulation S under the United States Securities Act of 1933, as
amended). On October 13, 2011,
Agnico-Eagle filed with the United States Securities and Exchange
Commission (the "SEC") a Registration Statement on Form F-80, which
includes the Offer and take-over bid circular and other Offer
documents, and on October 21, 2011,
Agnico-Eagle filed with the SEC an amendment to the Form F-80
containing the notice of change and variation. Agnico-Eagle expects
to file with the SEC a further amendment to the Form F-80
containing the Notice of Compulsory Acquisition shortly. INVESTORS
AND SECURITY HOLDERS ARE URGED TO READ THE DISCLOSURE DOCUMENTS
FILED BY AGNICO-EAGLE FROM TIME TO TIME WITH THE SEC REGARDING THE
PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
The Offer and take-over bid circular, as well as the notice of
change and variation relating thereto, have been sent to
shareholders of Grayd and the Notice of Compulsory Acquisition will
be sent to the remaining shareholders of Grayd shortly. Investors
may also obtain a free copy of the Offer documents filed by
Agnico-Eagle from time to time with the SEC at the SEC's website at
www.sec.gov. INVESTORS AND SECURITY HOLDERS SHOULD READ THE OFFER
DOCUMENTS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE
OFFER.
Forward-looking statements
The information in this news release has been
prepared as at November 18, 2011.
Certain statements contained in this news release 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 and are
referred to herein as "forward-looking statements". When used in
this document, words such as "will", "expects" and "intends" and
similar expressions are intended to identify forward-looking
statements or information.
Such statements and information include, without
limitation, statements regarding the timing of payment and the
consideration to be paid by Agnico-Eagle for Shares deposited
pursuant to the Offer, the acquisition by Agnico-Eagle of Shares
not deposited prior to the expiry of the Offer pursuant to a
compulsory acquisition transaction, the mailing and filing of the
Notice of Compulsory Acquisition and Grayd's intention to apply for
relief from the requirements to file its annual and interim
financial statements and related materials.
These forward-looking statements are subject to
numerous risks, uncertainties and assumptions, certain of which are
beyond the control of Grayd and/or Agnico-Eagle. Agnico-Eagle and
Grayd disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise except as required by applicable
securities laws. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts any responsibility
for the adequacy or accuracy of this release.
SOURCE Agnico-Eagle Mines Limited