Agnico Eagle aims to complete a second-step transaction to purchase the outstanding common shares that were not tendered in the offer. Credit: Piotr Swat/Shutterstock.

Agnico Eagle Mines has announced that it has acquired 110,424,431 common shares of O3 Mining, representing approximately 94.1% of the outstanding common shares.

This acquisition is part of Agnico Eagle’s board-supported takeover bid for all outstanding common shares at a cash price of $1.67 per common share.

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The total consideration payable for the deposited shares is approximately $184.4m, which will be completed by Agnico Eagle by 28 January 2025.

All conditions of the offer have been satisfied or waived, allowing for this successful acquisition, which was announced in December last year.

The board of directors of O3 Mining has been reconstituted to include representatives from Agnico Eagle, considering the successful acquisition of the deposited shares.

O3 Mining president and CEO José Vizquerra said: “We are pleased to achieve this excellent and timely outcome for our shareholders who tendered their common shares to the offer.

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“While providing an opportunity for our shareholders to realise immediate value at a significant premium, the transaction will also enable the efficient advancement of the Marban Alliance project by Agnico Eagle, an experienced operator that has the financial strength, mining expertise and community commitment to take the project to its next stage of development.”

In response to the acquisition, Agnico Eagle has provided a mandatory period extension of ten days until 11:59pm (EST) on 3 February 2025.

This extension aims to provide the remaining shareholders of O3 Mining the opportunity to tender their common shares and benefit from the all-cash offer price of $1.67 per common share.

After the expiry time, Agnico Eagle aims to complete a second-step transaction to purchase the outstanding common shares that were not tendered in the offer.

Edgehill Advisory is serving as the financial advisor to Agnico Eagle, while Davies Ward Phillips & Vineberg is providing legal advice.

For O3 Mining, Maxit Capital is acting as the financial advisor, with Bennett Jones serving as the legal advisor.

Additionally, Fort Capital is advising the Special Committee of independent directors of O3 Mining, with Cassels Brock & Blackwell providing legal counsel.

Laurel Hill Advisory Group is the depositary and information agent for the transaction.