Printer Friendly

GOLDEX MINES AND AGNICO-EAGLE MINES JOINTLY ANNOUNCE OFFERING PRICE

 TORONTO, Oct. 18 /PRNewswire/ -- Goldex Mines Limited ("Goldex") and Agnico-Eagle Mines Limited ("Agnico-Eagle") (NASDAQ-NMS: AEAGF) jointly announced today that Agnico-Eagle proposed to the board of directors of Goldex the price it will offer to the public shareholders of Goldex under the previously announced proposed amalgamation of Goldex and a wholly owned subsidiary of Agnico-Eagle. Under the terms of the proposed transaction, shareholders of Goldex (other than Agnico-Eagle) would receive 0.36 of a common share of Agnico-Eagle in exchange for each common share of Goldex. On October 15, 1993, the closing price of the Goldex common shares on The Toronto Stock Exchange was $5.25 (and US$4.125 on NASDAQ) and the closing price of Agnico-Eagle common shares on the Toronto Stock Exchange was $18.25 (and US$13.875 on NASDAQ).
 The independent director of Goldex, Mr. Glen Kean, will study the proposed transaction and make a recommendation regarding it to the board of directors of Goldex. Mr. Kean has retained Maison Placements Canada Inc. as his independent financial advisor to prepare a formal valuation in accordance with Ontario Securities Commission Policy 9.1.
 A committee of independent directors of Agnico-Eagle approved the proposed exchange ratio on behalf of Agnico-Eagle. Merrill Lynch Canada Inc. is acting as financial advisor to Agnico-Eagle.
 If the proposal is approved by the independent director and the board of Goldex, it will be submitted to the shareholders of Goldex for approval (including separate approval by shareholders other than Agnico- Eagle and its related parties) at a special meeting proposed to be held in December 1993. The transaction will also be subject to any necessary regulatory approvals.
 Goldex is a gold exploration and development corporation, managed by the senior gold producer Agnico-Eagle. Agnico-Eagle together with its related parties owns approximately 7.5 million common shares of Goldex, representing approximately 56 percent of the approximately 13.0 million outstanding common shares.
 -0- 10/18/93
 /CONTACT: Paul Penna, president of Agnico-Eagle Mines Limited and Goldex Mines Limited, 416-947-1212/
 (AEAGF)


CO: Agnico-Eagle Mines Limited; Goldex Mines Limited ST: Ontario IN: MNG SU:

TS -- NY062 -- 3399 10/18/93 12:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 18, 1993
Words:355
Previous Article:MAVERICK RESTAURANT CORPORATION REPORTS PRIVATE PLACEMENT OF COMMON STOCK
Next Article:AMEX TO TRADE OPTIONS ON THERMO INSTRUMENT SYSTEMS INC. ON OCT. 19
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters