Agnico-Eagle acquires 81.1% of Cumberland and extends offer to April 30, 2007
17 Abril 2007 - 8:57AM
PR Newswire (US)
Stock Symbol: AEM (NYSE and TSX) TORONTO, April 17
/PRNewswire-FirstCall/ -- Agnico-Eagle Mines Limited is pleased to
announce that 62,751,962 common shares of Cumberland Resources Ltd.
("Cumberland Shares") have been validly deposited pursuant to the
offer made by Agnico-Eagle and its wholly-owned subsidiary
Agnico-Eagle Acquisition Corporation (together, the "Offerors") to
acquire all Cumberland Shares not already owned by Agnico-Eagle.
All conditions of the Offer have now been complied with. The
Offerors have taken up and accepted for payment all Cumberland
Shares tendered which together with the Cumberland Shares owned by
the Offerors represent approximately 81.1% of the outstanding
Cumberland Shares on a fully-diluted basis. Payment will be made to
shareholders who have tendered their Cumberland Shares on or before
April 19, 2007. Consistent with Agnico-Eagle's intention to acquire
100% of Cumberland as soon as possible, the Offerors have extended
the Offer until 5:00 p.m. (Toronto time) on April 30, 2007 to allow
Cumberland shareholders an additional opportunity to tender to the
Offer. For the purposes of U.S. securities laws, this extension
constitutes a subsequent offering period. The Offerors intend to
acquire, all Cumberland Shares not tendered to the Offer on or
before the expiry date, by way of a compulsory acquisition or
subsequent acquisition transaction. Agnico-Eagle expects to mail a
formal notice of extension and subsequent offering period to
Cumberland shareholders on April 18, 2007. About Agnico-Eagle
Agnico-Eagle is a long established Canadian gold producer with
operations located in Quebec and exploration and development
activities in Canada, Finland, Mexico and the United States.
Agnico-Eagle's LaRonde Mine is Canada's largest gold deposit in
terms of reserves. The Company has full exposure to changes in gold
prices consistent with its policy of no forward gold sales. It has
paid a cash dividend for 25 consecutive years. About the Offer The
take-over bid circular and related documents were filed with the
securities regulatory authorities in Canada and the United States
on March 12, 2007 and an amendment was filed with securities
regulatory authorities in the United States on April 6, 2007.
Cumberland shareholders are advised to read the take-over bid
circular as it contains important information including the terms
and conditions of the Offer and the procedures for depositing
shares. Additional information about the Offer or copies of the
take-over bid circular may be obtained from Merrill Lynch Canada
Inc., who is acting as the Canadian dealer manager or Merrill
Lynch, Pierce, Fenner & Smith Incorporated, who is acting as
the U.S. dealer manager. On March 12, 2007, Agnico-Eagle filed with
the U.S. Securities and Exchange Commission (the "SEC") a
Registration Statement on Form F-10, as amended on April 6, 2007,
which includes the Offer and take-over bid circular. Agnico-Eagle
will file with the SEC an amendment to the Registration Statement
on Form F-10 which will include the notice of extension and
subsequent offering period. Investors and security holders are
urged to read the disclosure documents filed by Agnico-Eagle from
time to time with the SEC regarding the proposed business
combination transaction because they contain important information.
The Offer and take-over bid circular have been sent to shareholders
of Cumberland. Investors may also obtain a free copy of the Offer
and take-over bid circular and other disclosure documents filed by
Agnico-Eagle with the SEC at the SEC's website at
http://www.sec.gov/. DATASOURCE: Agnico-Eagle Mines Limited
CONTACT: David Smith, VP, Investor Relations, (416) 947-1212
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