O3’s main asset is next to Agnico’s Canadian Malartic operations in the Abitibi region of Quebec
TORONTO — Gold miner Agnico Eagle Mines Ltd. has signed an agreement to buy O3 Mining Inc. in a friendly deal valued at about $204 million.
O3 Mining’s main asset is its Marban Alliance property which is located next to Agnico Eagle’s Canadian Malartic operations in the Abitibi region of Quebec.
Under the deal, Agnico Eagle has offered to pay $1.67 per O3 Mining share in cash.
O3 Mining shares closed at $1.06 on the TSX Venture Exchange on Wednesday.
The offer has been unanimously recommended by the O3 Mining board and special committee and supported by shareholders representing 22 per cent of the company’s outstanding shares.
The plan requires, among other conditions, at least two-thirds of O3 Mining’s shares to be tendered to the offer, excluding the shares already owned or controlled by Agnico Eagle.
This report by The…
