Agnico-Eagle announces refinancing transaction with Stornoway Diamond Corporation
TORONTO, July 31, 2008 - Agnico-Eagle Mines Limited (TSX: AEM / NYSE: AEM) ("Agnico-Eagle" or the "Company") announced that it purchased 12,222,222 common shares of Stornoway Diamond Corporation ("Stornoway") at a price of C$0.90 per common share from treasury. Stornoway used the proceeds of the private placement to redeem the C$10 million principal amount of convertible debentures held by Agnico-Eagle and to pay to Agnico-Eagle a C$1 million amendment fee in connection with the amendment of the debentures to permit early redemption. Agnico-Eagle received an additional 527,947 common shares of Stornoway in satisfaction of accrued but unpaid interest on the debentures prior to their redemption. As a result of the transactions, Agnico-Eagle increased its holdings in Stornoway from 27,520,809 common shares (approximately 13.6% of the issued and outstanding common shares) to 40,270,978 common shares (approximately 17.7% of the issued and outstand ing common shares). Agnico-Eagle acquired the Stornoway shares for investment purposes only and has no present intention to acquire further Stornoway securities and may, from time to time, increase or decrease its ownership of or control over securities of Stornoway in response to market conditions, the business and prospects of Stornoway or other factors.
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 higher gold prices consistent with its policy of no forward gold sales. It has paid a cash dividend for 26 consecutive years. Agnico-Eagle's registered office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7.
For further information: David Smith; Vice-President, Investor Relations, (416) 947-1212
Renmark Financial Communications Inc.
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Tel. : (514) 939-3989
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www.renmarkfinancial.com
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Agnico-Eagle Mines Limited
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PRODUCTEUR |
CODE : AEM.TO |
ISIN : CA0084741085 |
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Agnico-Eagle est une société de production minière d'or basée au Canada. Agnico-Eagle est productrice d'or, d'argent, de cuivre, de plomb et de zinc au Canada, au Mexique et en Finlande, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc au Canada, et détient divers projets d'exploration au Canada. Ses principaux projets en production sont LARONDE, LARONDE (EL COCO) MINE, MEADOWBANK et LARONDE EXTENSION au Canada, PINOS ALTOS au Mexique et KITTILA en Finlande, ses principaux projets en développement sont LAPA, GOLDEX et LARONDE au Canada et ses principaux projets en exploration sont BOUSQUET MINE, JOUTEL, NIGHTHAWK, GERMAN PROPERTY, MOUNTJOY PROPERTY, THORNLOE, REID, NW DELORO, CARR - WILKIE, WHITNEY TISDALE, WARK, EASTER DOME, MELIADINE, ELLISON, BOUSQUET AND ELLISON, COLOMAC MINE, CABALLO BLANCO PROPERTY et VICTORY LAKE au Canada et MORELOS SUR au Mexique. Agnico-Eagle est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 18,7 milliards CA$ (14,9 milliards US$, 13,1 milliards €). La valeur de son action a atteint son plus bas niveau récent le 29 octobre 1999 à 10,10 CA$, et son plus haut niveau récent le 13 novembre 2020 à 99,66 CA$. Agnico-Eagle possède 230 990 000 actions en circulation. |