(All amounts expressed in U.S. dollars
unless otherwise noted)
TORONTO, May 2, 2023
/CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM)
("Agnico Eagle") announced today that further to its news release
dated April 27, 2023, it has received
approval from the Toronto Stock Exchange (the "TSX") of Agnico
Eagle's notice of intention to renew its normal course issuer bid
(the "NCIB").
Under the NCIB, Agnico Eagle may purchase for cancellation, on
the open market at its discretion, during the period commencing on
May 4, 2023 and ending on the earlier
of May 3, 2024 and the completion of
purchases under the NCIB, up to the lesser of: (i) 24,718,919
common shares of Agnico Eagle ("Common Shares"), which is 5% of the
issued and outstanding Common Shares; and (ii) that number of
Common Shares that can be purchased by Agnico Eagle under the NCIB
for an aggregate purchase price, excluding commissions, of not more
than $500,000,000, subject to the
normal terms and limitations of such bids. Based on the closing
share price of $56.59 on April 27, 2023, 8,835,483 Common Shares
would be purchasable under the NCIB, representing approximately
1.79% of the issued and outstanding Common Shares as of
April 27, 2023. As of April 27, 2023, Agnico Eagle had 494,378,388
issued and outstanding Common Shares.
Daily purchases on the TSX under the NCIB will be limited to
443,490 Common Shares, other than purchases made pursuant to the
block purchase exception, which represents 25% of the average daily
trading volume of 1,773,960 on the TSX for six months ending
March 31, 2023. The actual number of
Common Shares which may be purchased under the NCIB and the timing
of any such purchases will be determined by the management of
Agnico Eagle, subject to applicable law and the rules of the TSX.
Purchases under the NCIB are expected to be made through the
facilities of the TSX, the New York Stock Exchange and alternative
trading systems in Canada or
the United States, at prevailing
market prices. The NCIB will be funded using Agnico Eagle's
existing cash resources, and any Common Shares repurchased by
Agnico Eagle under the NCIB will be cancelled.
Agnico Eagle believes that the NCIB will provide a flexible tool
as part of Agnico Eagle's overall capital allocation program and
objectives, while generating value for shareholders. Decisions
regarding any future repurchases will depend on certain factors,
such as market conditions, share price and other opportunities to
invest capital for growth. Agnico Eagle may elect to suspend or
discontinue share repurchases at any time, in accordance with
applicable laws.
Agnico Eagle has established an automatic share purchase plan in
connection with its NCIB to facilitate the purchase of Common
Shares during times when Agnico Eagle would ordinarily not be
permitted to purchase Common Shares due to regulatory restrictions
or self-imposed black-out periods. Before entering a black-out
period, Agnico Eagle may, but is not required to, instruct the
broker to make purchases under the NCIB based on parameters set by
Agnico Eagle in accordance with the share purchase plan, TSX rules
and applicable securities laws. The plan has been pre-cleared by
the TSX and will be implemented effective May 8, 2023.
Under Agnico Eagle's prior NCIB, which commenced on May 4, 2022 and ends on May 3, 2023, Agnico
Eagle obtained approval to purchase up to a total of 22,785,308
Common Shares, of which 1,669,620 Common Shares were purchased
through the facilities of the TSX and the New York Stock Exchange
at a weighted-average price of approximately $44.70 (excluding commissions) per Common
Share.
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. Agnico Eagle
is a partner of choice within the mining industry, recognized
globally for its leading environmental, social and governance
practices. The Company 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 2, 2023. 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 forward-looking
statements can be identified by the use of words such as
"believes", "expected", "may", "will" or similar terms. In
particular, such forward-looking statements include, but are not
limited to, statements relating to Agnico Eagle's intention to
commence the NCIB and the timing, methods and quantity of any
purchases of Common Shares under the NCIB, the availability of cash
for repurchases of Common Shares under the NCIB, compliance with
applicable laws and regulations pertaining to the NCIB, Agnico
Eagle's perceptions of historical trends, current conditions and
expected future developments, as well as other considerations that
are believed to be appropriate in the circumstances.
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. These assumptions include, but are
not limited to, the following assumptions made as at the date of
this news release: that governments, Agnico Eagle or others do not
take additional measures in response to the COVID-19 pandemic or
otherwise that, individually or in the aggregate, materially affect
Agnico Eagle's ability to operate its business; that there are no
significant disruptions affecting operations; that production,
permitting, development, expansion and the ramp up of operations at
each of Agnico Eagle's properties proceeds on a basis consistent
with current expectations and plans; that the relevant metal
prices, foreign exchange rates and prices for key mining and
construction supplies will be consistent with Agnico Eagle's
expectations; the availability and sources of capital; operating
costs, ongoing utilization and future expansions, the ability to
reach required commercial agreements, and the ability to obtain
required regulatory approvals; and that there are no material
variations in the current tax and regulatory environment.
Many factors, known and unknown, could cause actual results to
be materially different from those expressed or implied by the
forward-looking statements included in this news release. These
risks include, but are not limited to: the extent and manner to
which COVID-19, and measures taken by governments, Agnico Eagle or
others to attempt to reduce the spread of COVID-19, may affect
Agnico Eagle, whether directly or indirectly; the volatility of
prices of gold and other metals; uncertainty of future production,
project development, capital expenditures and other costs; foreign
exchange rate fluctuations; financing of additional capital
requirements; mining risks; community protests, including by First
Nations groups; governmental and environmental regulation; the
behavior of the financial markets, including the volatility of
Agnico Eagle's stock price; and certain other risks set out in
Agnico Eagle's public disclosure documents. For a more detailed
discussion of such risks and other factors that may affect Agnico
Eagle's ability to achieve the expectations set forth in the
forward-looking statements contained in this news release, see
Agnico Eagle's Annual Information Form and management's discussion
and analysis for the year ended December 31,
2022, each filed on SEDAR at www.sedar.com and included in
the Annual Report on Form 40-F for the year ended December 31, 2022, which is filed on EDGAR at
www.sec.gov, as well as Agnico Eagle's other filings with the
Canadian securities regulators and the US Securities and Exchange
Commission.
Readers are cautioned not to place undue reliance on a
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