Agnico-Eagle completes take-over bid and commences compulsory acquisition of Cumberland
01 May 2007 - 11:30PM
PR Newswire (US)
Stock Symbol: AEM (NYSE and TSX) TORONTO, May 1
/PRNewswire-FirstCall/ -- Agnico-Eagle Mines Limited is pleased to
announce that it and its wholly-owned subsidiary Agnico-Eagle
Acquisition Corporation (together, the "Offerors") have taken up
and accepted for payment an additional 4,957,905 common shares of
Cumberland Resources Ltd. ("Cumberland Shares") pursuant to their
offer to acquire all Cumberland Shares not already owned by
Agnico-Eagle (the "Offer"). The additional Cumberland Shares taken
up during the extension of the Offer, together with the 62,751,962
Cumberland Shares taken up on April 17, 2007 and the other
Cumberland Shares owned by Agnico-Eagle, represent approximately
92.50% of the outstanding Cumberland Shares. The Offer expired on
April 30, 2007 and will not be extended. The Offerors have acquired
under the Offer approximately 92% of the outstanding Cumberland
Shares excluding those Cumberland Shares held by Agnico-Eagle at
the date of the Offer. Since the Offer has been accepted by holders
of more than 90% of the Cumberland Shares after excluding those
Cumberland Shares held by Agnico-Eagle at the date of the Offer,
the Offerors are exercising their right under section 300 of the
Business Corporations Act (British Columbia) to acquire all of the
outstanding Cumberland Shares not already owned by the Offerors
pursuant to a compulsory acquisition. The Offerors will shortly
mail a formal notice to all Cumberland Shareholders who have not
deposited their Cumberland Shares to the Offer as described in the
offer and circular dated March 12, 2007, as amended. Upon
completion of the compulsory acquisition, Cumberland will become a
wholly-owned subsidiary of Agnico-Eagle. About Agnico-Eagle
Agnico-Eagle is a long established Canadian gold producer with
operations located in Quebec and exploration and development
activities in Canada, Finland, Mexico and the United States.
Agnico-Eagle's LaRonde Mine is Canada's largest gold deposit in
terms of reserves. The Company has full exposure to changes in gold
prices consistent with its policy of no forward gold sales. It has
paid a cash dividend for 25 consecutive years. DATASOURCE:
Agnico-Eagle Mines Limited CONTACT: David Smith; VP, Investor
Relations, (416) 947-1212
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