(Editors at Energy Analytics Institute, 15.Jan.2025) — Agnico Eagle Mines Limited and O3 Mining Inc. mailed a letter to shareholders of O3 reminding them to promptly tender their common shares in O3 to Agnico’s friendly all cash offer of $1.67 per common share.
The offer represents a 58% premium to the closing price of the common shares prior to announcement of the offer, Agnico announced 15 Jan. 2025 in an official statement.
Annico and O3 entered into a definitive support agreement, pursuant to which Agnico agreed to offer to acquire all of the outstanding common shares in cash by way of a friendly take-over bid. The offer is valued at $204mn on a fully diluted in-the-money basis, according to Agnico.
Agnico has entered into lock-up agreements with all directors and officers of O3 and several of O3’s largest shareholders, representing 39% of the issued and outstanding common shares. These shareholders have agreed to tender their shares to the offer.
In addition, the board of directors of O3 has unanimously recommended that shareholders tender their common shares to the offer.
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.