(All amounts expressed in Canadian
dollars unless otherwise noted)
TORONTO, Feb. 15, 2018 /CNW/ - Agnico Eagle Mines
Limited (NYSE: AEM, TSX: AEM) ("Agnico Eagle") announced today
that it has acquired 1,740,500 units ("Units") of Orla Mining Ltd.
(TSX-V: OLA) ("Orla") at a price of $1.75 per Unit for total consideration of
$3,045,875. Each Unit is
comprised of one common share of Orla (a "Common Share") and
one-half of one common share purchase warrant of Orla (each full
common share purchase warrant, a "Warrant"). Each Warrant
entitles the holder to acquire one Common Share at a price of
$2.35 at any time prior to
February 15, 2021. Agnico Eagle
acquired the Units pursuant to a public offering of Units by Orla
under a short form prospectus (the "Offering"). The Offering
closed on February 15, 2018.
Prior to the closing of the Offering, Agnico Eagle owned
15,873,335 Common Shares, representing approximately 9.86% of the
issued and outstanding Common Shares on a non-diluted basis.
Upon closing of the Offering, Agnico Eagle owns 17,613,835 Common
Shares and 870,250 Warrants, representing approximately 9.86% of
the issued and outstanding Common Shares on a non-diluted basis and
approximately 10.30% of the issued and outstanding Common Shares on
a partially-diluted basis assuming exercise of the Warrants held by
Agnico Eagle.
Agnico Eagle and Orla are party to a participation right
agreement dated January 26, 2018
pursuant to which Agnico Eagle has the right, provided Agnico Eagle
owns at least a 5% interest in Orla (calculated in accordance with
the participation right agreement), to participate in certain
equity financings by Orla in order to maintain its then-applicable
ownership interest in Orla (calculated in accordance with the
participation right agreement).
Agnico Eagle acquired the Common Shares and the Warrants for
investment purposes. Depending on market conditions and other
factors, Agnico Eagle may, from time to time, acquire additional
Common Shares, common share purchase warrants or other securities
of Orla or dispose of some or all of the Common Shares, common
share purchase warrants or other securities of Orla that it owns at
such time.
An early warning report will be filed by Agnico Eagle in
accordance with applicable securities laws. To obtain a copy
of the early warning report, please contact:
Aurea Dela Resma
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Agnico Eagle's head office is located at 145 King Street East,
Suite 400, Toronto, Ontario M5C
2Y7. Orla's head office is located at 1140 West Pender
Street, Suite 1240, Vancouver, British
Columbia V6E 4G1.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has
produced precious metals since 1957. Its eight mines are
located in Canada, Finland and Mexico, with exploration and development
activities in each of these countries as well as in the United States and Sweden. Agnico
Eagle and its shareholders have full exposure to gold prices due to
its long-standing policy of no forward gold sales. Agnico
Eagle has declared a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at
February 15, 2018. Certain
statements in this news release, referred to herein as
"forward-looking statements", 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. These statements can be identified by the use of words
such as "may", "will" or similar terms.
Forward-looking statements in this news release include, without
limitation, statements relating to Agnico Eagle's acquisition or
disposition of securities of Orla in the future.
Forward-looking statements are necessarily based upon a number
of factors and assumptions that, while considered reasonable by
Agnico Eagle as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Many factors, known and
unknown, could cause actual results to be materially different from
those expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date made. Other than as required by law, Agnico Eagle does
not intend, and does not assume any obligation, to update these
forward-looking statements.
SOURCE Agnico Eagle Mines Limited