The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Investing

Agnico Eagle Secures Majority Stake in O3 Mining, Extends Offer Deadline

by January 28, 2025
January 28, 2025
Agnico Eagle Secures Majority Stake in O3 Mining, Extends Offer Deadline

Agnico Eagle Mines (TSX:AEM,NYSE:AEM) now holds approximately 94.1 percent of O3 Mining’s (TSXV:OIII,OTCQX:OIIIF) outstanding shares as the company continues its acquisition plan.

To secure the 94.1 percent stake, Agnico Eagle acquired 110,424,431 O3 Mining shares for total consideration of US$184.4 million. Payment for these shares is expected to be completed by January 28, 2025.

The company has also extended its O3 Mining offer deadline by 10 days to 11:59 p.m. EST on February 3, 2025, providing remaining shareholders additional time to tender their shares.

This development follows the fulfillment of all conditions tied to Agnico Eagle’s cash offer of US$1.67 per share, which represents a 58 percent premium over O3 Mining’s closing share price on December 11, 2024.

In a Friday (January 24) release, O3 Mining CEO José Vizquerra emphasized the immediate value delivered to shareholders, as well as Agnico Eagle’s ability to advance the Marban Alliance project, a key asset for O3 Mining.

The companies encouraged remaining O3 Mining shareholders to tender their shares to secure the cash price of US$1.67 per share. Shareholders whose shares of O3 Mining are held through financial intermediaries are advised to contact their brokers or banks promptly, as internal deadlines may precede the February 3, 2025, cutoff.

Following the extended deadline, Agnico Eagle plans to implement a second step transaction to acquire the remaining untendered shares. This approach is detailed in Agnico Eagle’s takeover bid circular.

In conjunction with these activities, representatives of Agnico Eagle have been added to O3 Mining’s board of directors. These include Peter Netupsky, Carol Plummer, Jean Robitaille and Chris Vollmershausen.

Vizquerra and CFO Elijah Tyshynski will continue in their roles during the transitional phase at O3 Mining, which is expected to culminate in the completion of the second step transaction.

With the acquisition, Agnico Eagle now holds 95 percent of O3 Mining’s shares on a basic basis.

The transaction also affects Agnico Eagle’s interests in other companies. Through O3 Mining, Agnico Eagle now has indirect control over significant shares of Cartier Resources (TSXV:ECR) and STLLR Gold (TSX:STLR,OTCQX:STLRF).

The company’s combined holdings in Cartier Resources now represent 26.7 percent of the company’s outstanding shares on a basic basis. For STLLR Gold, Agnico Eagle now holds 10.1 percent of the company’s outstanding shares.

Agnico Eagle stated that it may acquire additional securities of these companies or dispose of its current holdings depending on market conditions and other relevant factors.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Newmont Completes Divestitures With US$425 Million Sale to Discovery Silver
next post
Theia Diamond Drilling Delivers Best Result Yet

You may also like

Buffett Hands Over Reins, What’s Next for Berkshire’s...

WGC: Gold ETFs Notch Best Performance Since April...

Forum Energy Metals and Global Uranium Announce the...

Mawson Finland Announces Closing of Brokered Private Placement...

High Grades in Sandstone Drilling, incl 4m @...

Global Oil & Gas

Skyharbour Announces ANT Survey Prior to Upcoming Drill...

Zero Candida Receives South African Patent for its...

Kinross Highlights Record Free Cashflow in Q3, Set...

Triumph Gold Discovers a New Silver and Gold...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • ‘A fear campaign.’ Students around the world are shocked, scared and saddened...

    • North Korea deploys mystery balloon-like objects to stricken warship, satellite photos show

    • NVIDIA Rallies After Strong Q1, AI Demand Outshines China Export Hit

    • US senators meet with Zelensky in Kyiv as doubt cast over upcoming Ukraine-Russia peace talks

    • Israel’s plan to ‘conquer’ Gaza is leaving Palestinians with little place to go: 5 maps show how

    Categories

    • Business (1,673)
    • Investing (4,999)
    • Politics (7,837)
    • World (6,349)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top