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GOLDEX MINES LIMITED AND AGNICO-EAGLE MINES LIMITED MAKE ANNOUNCEMENT ON PREVIOUSLY ANNOUNCED AMALGAMATION

 TORONTO, Nov. 5 /PRNewswire/ -- Goldex Mines Limited (Goldex) (NASDAQ Small Cap: GDXMF) and Agnico-Eagle Mines Limited (Agnico-Eagle) (NASDAQ-NMS: AEAGF) jointly announced today that the board of directors of Goldex had concluded that the terms of the previously announced amalgamation of Goldex and a wholly owned subsidiary of Agnico-Eagle are fair and recommends that shareholders vote in favor of the amalgamation at the special meeting of shareholders on Dec. 7, 1993.
 As previously announced, Agnico-Eagle proposed to the board of directors of Goldex on amalgamation under which shareholders of Goldex (other than Agnico-Eagle) will receive 0.36 of a common share of Agnico-Eagle in exchange for each common share of Goldex. On Oct. 15, 1993, the last trading day prior to that announcement, 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 $13.875 on NASDAQ).
 Maison Placements Canada Inc. provided financial advice to the independent director of Goldex, Glenn Kean, in connection with the proposed transaction and prepared a formal valuation in accordance with Ontario Securities Commission Policy 9.1. Maison Placements Canada Inc. concluded that 0.36 of an Agnico-Eagle common share offered to Goldex shareholders is above the range of values for Goldex shares arrived at in its report and that the terms of the proposed amalgamation are fair from a financial point of view to the public shareholders of Goldex.
 Today, the independent director presented his report to the board in which he concluded that the amalgamation is fair to the public shareholders of Goldex and recommended that the board approve the amalgamation. The board accepted the independent director's recommendation and approved the amalgamation, the amalgamation agreement and the management information circular.
 The proposed amalgamation 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 to be held on Dec. 7, 1993. An information circular containing a detailed description of the transaction and a copy of the valuation prepared by Maison Placements Canada Inc. will be mailed to shareholders early next week.
 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- 11/5/93
 /CONTACT: Paul Penna, president of Agnico-Eagle Mines Limited, Goldex Mines Limited, 416-947-1212/
 (AGE. AEAGF GLX. GDXXMF)


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

TW -- NY050 -- 1284 11/05/93 14:22 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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