Stock Symbol: AEM (NYSE and TSX)
TORONTO, April 17 /CNW/ - 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
Agnico-Eagle expects to mail a formal notice of extension and subsequent
offering period to Cumberland shareholders on April 18, 2007.
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 www.sec.gov.
For further information:
For further information: David Smith, VP, Investor Relations, (416)