TORONTO, June 10, 2022 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) has been notified of an unsolicited mini-tender offer by TRC Capital Investment Corporation (“TRC Capital”) to purchase up to 2,000 000 common shares of Agnico Eagle, representing approximately 0.44% of the outstanding common shares of Agnico Eagle, at a price of CA$64.00 per share. Agnico Eagle does not endorse this unsolicited offer, has no connection with TRC Capital or its offer and recommends that shareholders do not tender their shares into the offer.
Agnico Eagle advises shareholders that the mini-tender offer was made at a price below the current market price for Agnico Eagle shares. The offer represents a discount of approximately 4.51% and 4.68% to the closing price of Agnico Eagle shares on the Toronto Stock Exchange and the New York Stock Exchange, respectively, on June 7, 2022, the last trading day before the launch of the mini-tender offer. The mini-tender offer is also subject to numerous conditions.
According to TRC Capital’s offering documents, Agnico Eagle shareholders who have tendered their shares may withdraw their shares at any time before 00:01 (Toronto It’s time July 8, 2022 following the procedures described in the offer documents.
TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies. Mini-buy offers are designed to target less than 5% of a company’s outstanding shares, thereby avoiding the disclosure and procedural requirements applicable to most offers under Canadian and US securities regulations. The Canadian Securities Administrators (the “CSA”) and the United States Securities and Exchange Commission (the “SEC”) have expressed serious concerns about mini-tender offers, including the possibility that investors may bid on such offers without understanding the bid price against the actual market price of their securities, or without comparing the bid price to the current market price. CSA’s long-standing guidance on the practice of mini-tenders can be found here. The SEC has published guidance for investors regarding mini-tender offerings on its website, which can be found here.
Shareholders should obtain current market prices for their shares, consult their broker or financial advisor and exercise caution regarding TRC Capital’s mini-tender offer.
Agnico Eagle requests that a copy of this press release be included in any distribution of materials relating to TRC Capital’s mini-tender offer for Agnico Eagle shares.
About Agnico Eagle
Agnico Eagle is a leading Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in United States and Colombia. Agnico Eagle is a partner of choice in the mining industry, recognized worldwide for its leading environmental, social and governance practices. The company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
SOURCE Agnico Eagle Mines Limited