Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in Canadian dollars unless otherwise noted)
TORONTO, March 3 /CNW/ - Agnico-Eagle Mines Limited ("Agnico" or the
"Company") today reported that it had acquired 6,122,449 units ("Units") of
Forum Uranium Corp. ("Forum") by way of a private placement at a price of
$0.49 per Unit for a total consideration of $3,000,000 in cash. Each Unit
consisted of one common share ("Common Shares"), resulting in the acquisition
of a total of 6,122,449 Common Shares of Forum by the Company, and one-half of
one share purchase warrant ("Warrants"), each full Warrant entitling the
Offeror to acquire one Common Share at a price of $0.66 per share for a period
of two years.
The acquisition represented and Agnico now owns and controls
approximately 12.75% of the outstanding Common Shares of Forum assuming the
exercise of the Warrants acquired by Agnico.
The Common Shares and Warrants were acquired for investment purposes.
Agnico may acquire additional Common Shares or Warrants or dispose of some or
all of the Common Shares or Warrants currently held.
Concurrent with this investment, Forum has optioned the right to earn a
51% interest in the uranium properties that Agnico acquired as part of the
Cumberland Resources acquisition in 2007 by incurring a total of $3,000,000 of
exploration expenditures on these properties over a four year period. Forum
may also acquire a further 14% interest by completing a bankable feasibility
study in relation to these properties within five years of earning its 51%
joint venture interest.
Agnico purchased the securities pursuant to the "accredited investor"
prospectus exemption provided in National Instrument 45-106.
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
higher gold prices consistent with its policy of no forward gold sales. It has
paid a cash dividend for 26 consecutive years.
For further information:
For further information: David Smith, VP, Investor Relations, (416)