Stock Symbol: AEM (NYSE, TSX)
Nov. 26, 2012
Agnico-Eagle Mines Limited
(NYSE:AEM)(TSX:AEM) ("Agnico-Eagle" or the "Company") announced today that it has entered into an agreement (the "Purchase Agreement") to sell 7,795,574 common shares (the "Shares") of Queenston Mining Inc. ("Queenston") to Osisko Mining Corporation ("Osisko") for cash consideration of
per Share. The Shares represent approximately 9.21% of the issued and outstanding Shares. Upon the closing of the transaction, which is expected to occur on
November 29, 2012
, Agnico-Eagle will hold no Shares.
Agnico-Eagle holds warrants to purchase 3,301,887 Shares at an exercise price of
per Share, representing approximately 3.76% of the issued and outstanding Shares on a partially-diluted basis.
Under the Purchase Agreement, Agnico-Eagle has agreed to deliver a proxy instructing that the Shares be voted in favour of the arrangement transaction between
Agnico-Eagle disposed of the Shares in the ordinary course of business as they were a non-core asset of Agnico-Eagle.
Agnico-Eagle is a long established, Canadian headquartered, gold producer with operations located in
, and exploration and/or development activities in
the United States
. The Company 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 declared a cash dividend for 30 consecutive years. Agnico-Eagle's head office is located at 145 King Street East, Suite 400,
The information in this news release has been prepared as at
November 26, 2012
. 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 "expected", "will" and similar expressions are intended to identify forward-looking statements or information.
Such statements and information include, without limitation, statements relating to the date of closing of the sale of the Shares and Agnico-Eagle's ownership of Shares following that date.