(All amounts expressed in Canadian dollars unless otherwise noted)
TORONTO, March 10, 2016 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) ("Agnico Eagle") announced today that it has agreed to subscribe for
11,680,000 common shares (the "Subject Shares") of Belo Sun Mining
Corp. (TSX:BSX) ("Belo Sun") in a non-brokered private placement at a
price of $0.53 per Subject Share, for total consideration of
$6,190,400. The Subject Shares represent approximately 3.24% of the
issued and outstanding common shares of Belo Sun on a non-diluted basis
at the date hereof. Closing of the private placement is expected to
occur on or about March 16, 2016.
On closing of the private placement, Agnico Eagle will own 74,180,000
common shares of Belo Sun, representing approximately 19.95% of the
issued and outstanding common shares of Belo Sun on a non-diluted basis
(after giving effect to the issuance of the Subject Shares). As
previously disclosed, Agnico Eagle and Belo Sun are party to an
investor rights agreement dated May 21, 2015 pursuant to which Agnico
Eagle has the right (which it has not exercised) to nominate one person
to the board of directors of Belo Sun and the right to participate in
certain future equity financings by Belo Sun in order to maintain its
pro rata investment.
Agnico Eagle is acquiring the Subject Shares for investment purposes.
Depending on market conditions and other factors, Agnico Eagle may,
from time to time, acquire additional common shares or other securities
of Belo Sun or dispose of some or all of the common shares or other
securities of Belo Sun that it owns at such time.
An 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:
Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Fax: 416-367-4681
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has produced
precious metals since 1957. Its eight mines are located in Canada,
Finland and Mexico, with exploration and development activities in each
of these countries as well as in the United States and Sweden. Agnico
Eagle and its shareholders have full exposure to gold prices due to its
long-standing policy of no forward gold sales. Agnico Eagle has
declared a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at March 10,
2016. 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 "expected", "may", "will"
or similar terms.
Forward-looking statements in this news release include, but are not
limited to, statements relating to the expected closing date of the
private placement and Agnico Eagle's acquisition or disposition of Belo
Sun securities in the future.
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.
SOURCE Agnico Eagle Mines Limited