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TheStreet Open House

Agnico-Eagle Mines Limited Announces Investment In ATAC Resources Ltd.

Stocks in this article: AEM

(All amounts expressed in Canadian dollars unless otherwise noted)

Stock Symbol: AEM (NYSE, TSX)    

TORONTO, March 19, 2013 /PRNewswire/ - Agnico-Eagle Mines Limited ("Agnico") (NYSE: AEM) (TSX: AEM) today announced that it had entered into an agreement (the "Subscription Agreement") to subscribe for 9,600,000 units ("Units") of ATAC Resources Ltd. ("ATC") in a private placement at a price of $1.35 per Unit for a total consideration of $12,960,000.  Each Unit is comprised of one common share of ATC (a "Common Share") and one half of a common share purchase warrant (each whole common share purchase warrant, a "Warrant").  Each Warrant entitles the holder to acquire one Common Share at a price of $2.10 for a period of 18 months from the closing date, provided that, if the closing price of the Common Shares on the TSX Venture Exchange exceeds $3.00 for a period of ten consecutive trading days subsequent to the expiry of the applicable four month hold period, ATC may give notice of an earlier expiry of the Warrants, in which case the Warrants will expire 30 days from the date of such notice.  Closing of the private placement is expected to occur on or about March 22, 2013.

On closing of the private placement, Agnico will hold 9,600,000 Common Shares and 4,800,000 Warrants, representing 8.48% of the issued and outstanding Common Shares on a non-diluted basis and 12.21% of the Common Shares on a partially diluted basis. The Subscription Agreement also provides Agnico with a participation right pursuant to which, during the two-year period following the closing of the acquisition of the Common Shares, and provided that Agnico at the time owns more than five percent of the then issued and outstanding Common Shares (taking into account convertible securities owned by Agnico), Agnico has the right to participate in certain subsequent equity offerings by ATC on the same terms as the other participants in such offerings in order to maintain its pro rata investment in the Issuer.

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