Agnico-Eagle Mines (AEM) to Complete Acquisition of Grayd Resource Corporation
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Agnico-Eagle Mines Limited (NYSE: AEM) and Grayd Resource Corporation announced today that Agnico-Eagle has exercised its right under the compulsory acquisition provisions in Section 300 of the Business Corporations Act (British Columbia) to acquire all of the outstanding common shares of Grayd that it did not acquire under its recently completed offer to acquire all of the issued and outstanding Shares, by mailing a notice of compulsory acquisition to all remaining holders of Shares. The compulsory acquisition is expected to be completed on January 23, 2012.
To elect to receive consideration per Share of either $2.80 in cash or 0.04039 of an Agnico-Eagle share and $0.05 in cash, in each case subject to pro ration and rounding, Grayd shareholders should complete the letter of transmittal accompanying the Notice of Compulsory Acquisition and deliver it with the certificate(s) representing such shareholder's Shares to Computershare Trust Company of Canada ("Computershare") prior to 5:00 p.m. on January 23, 2012. Questions and requests for assistance, including requests for additional copies of the Notice of Compulsory Acquisition and related letter of transmittal, may be directed to Computershare at 1-800-564-6253 ([email protected]).
Agnico-Eagle also announced today that, under the pro ration provisions of the Offer, Grayd shareholders who elected the cash alternative under the Offer will receive $1.89 in cash and 0.01342 of an Agnico-Eagle share for each Share deposited and those who elected the share alternative under the Offer will receive $0.05 in cash and 0.04039 of an Agnico-Eagle share for each Share deposited, in each case subject to rounding for fractional shares. The aggregate cash consideration to be paid by Agnico-Eagle for the Shares tendered to the Offer is approximately $170 million and the aggregate number of Agnico-Eagle shares to be issued is approximately 1.25 million Agnico-Eagle shares.
Upon completion of the compulsory acquisition, Agnico-Eagle intends to take the necessary steps to delist the Shares from the TSX Venture Exchange and to have Grayd cease to be a reporting issuer under Canadian securities laws.
To elect to receive consideration per Share of either $2.80 in cash or 0.04039 of an Agnico-Eagle share and $0.05 in cash, in each case subject to pro ration and rounding, Grayd shareholders should complete the letter of transmittal accompanying the Notice of Compulsory Acquisition and deliver it with the certificate(s) representing such shareholder's Shares to Computershare Trust Company of Canada ("Computershare") prior to 5:00 p.m. on January 23, 2012. Questions and requests for assistance, including requests for additional copies of the Notice of Compulsory Acquisition and related letter of transmittal, may be directed to Computershare at 1-800-564-6253 ([email protected]).
Agnico-Eagle also announced today that, under the pro ration provisions of the Offer, Grayd shareholders who elected the cash alternative under the Offer will receive $1.89 in cash and 0.01342 of an Agnico-Eagle share for each Share deposited and those who elected the share alternative under the Offer will receive $0.05 in cash and 0.04039 of an Agnico-Eagle share for each Share deposited, in each case subject to rounding for fractional shares. The aggregate cash consideration to be paid by Agnico-Eagle for the Shares tendered to the Offer is approximately $170 million and the aggregate number of Agnico-Eagle shares to be issued is approximately 1.25 million Agnico-Eagle shares.
Upon completion of the compulsory acquisition, Agnico-Eagle intends to take the necessary steps to delist the Shares from the TSX Venture Exchange and to have Grayd cease to be a reporting issuer under Canadian securities laws.
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