(All amounts expressed in Canadian dollars
unless otherwise noted)
TORONTO, May 18, 2022
/PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX:
AEM) ("Agnico Eagle") announced that it has agreed to
subscribe for 14,000,000 units ("Units") of Cartier Resources Inc.
(TSX-V: ECR) ("Cartier") in a non-brokered private placement at a
price of $0.13 per Unit for total
consideration of approximately $1,820,000. Each Unit is comprised of one common
share of Cartier (a "Common
Share") and one-half of one common share purchase warrant of
Cartier (each full warrant, a
"Warrant"). Each Warrant entitles the holder to acquire one Common
Share at a price of $0.16 for a
period of 36 months following the closing date of the private
placement. Closing is expected to occur on or about May 20, 2022 and is subject to certain
conditions.
Agnico Eagle currently owns 35,292,536 Common Shares,
representing approximately 13.33% of the issued and outstanding
Common Shares on a non-diluted basis. On closing of the private
placement, Agnico Eagle will own 49,292,536 Common Shares and
7,000,000 Warrants, representing approximately 17.70% of the issued
and outstanding Common Shares on a non-diluted basis and 19.72% of
the issued and outstanding Common Shares on a partially-diluted
basis assuming exercise of the Warrants held by Agnico Eagle.
Agnico Eagle and Cartier
entered into an investor rights agreement dated December 22, 2016. In connection with closing of
the private placement, Agnico Eagle and Cartier will enter into an amended and
restated investor rights agreement pursuant to which Agnico Eagle
will be entitled to, among other things, the following rights
(subject to maintaining certain ownership thresholds): (a) the
right to participate in certain equity financings by Cartier in order to acquire up to a 19.97%
ownership interest in Cartier; and (b) the right (which Agnico
Eagle has no present intention of exercising) to nominate one
person (and in the case of an increase in the size of the board of
directors of Cartier to 10 or more
directors, two persons) to the board of directors of Cartier.
Agnico Eagle is acquiring the Common Shares and 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 Cartier or dispose of some or
all of the Common Shares, Warrants or other securities of
Cartier that it owns at such
time.
An amended 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:
Jean-Marie Clouet
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. Cartier's head office is
located at 1740, chemin Sullivan,
Suite 1000, Val-d'Or, Quebec J9P
7H1.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing
precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality
exploration and development projects in these countries as well as
in the United States and
Colombia. Agnico Eagle is a
partner of choice within the mining industry, recognized globally
for its leading environmental, social and governance practices.
Agnico Eagle was founded in 1957 and has consistently created value
for its shareholders, declaring a cash dividend every year since
1983.
Forward-Looking Statements
The information in this news release has been prepared as at
May 18, 2022. 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 the expected closing date of the
private placement, Agnico Eagle's ownership interest in Cartier
upon closing of the private placement, Agnico Eagle's acquisition
or disposition of securities of Cartier in the future and the terms of the
amended and restated investor rights agreement.
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.
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SOURCE Agnico Eagle Mines Limited