Agnico Eagle Mines to acquire O3 Mining in C$204M

Agnico Eagle Mines (NYSE:AEM) has agreed to acquire all of the outstanding common shares of Canadian gold explorer O3 Mining (OTCQX:OIIIF) at C$1.67 a share in cash.

The take-over bid is valued at approximately C$204M on a fully diluted in-the-money basis and represents a premium of 58% premium to O3 Mining’s (TSXV:OIII:CA) closing price on Dec. 11, 2024.

The offer was unanimously recommended by board and special committee of O3 Mining and supported by shareholders representing 22% of its outstanding shares. It will be open for acceptance until 5:00 p.m. (Toronto time) on Jan. 23, 2025.

O3 Mining’s primary asset is its 100%-owned Marban Alliance property located near Val d’Or, in the Abitibi region of Québec, and is adjacent to Agnico Eagle’s Canadian Malartic complex.

Agnico Eagle’s president and chief executive officer Ammar Al-Joundi commented: “Consistent with our regional strategy, this transaction is a tuck-in of the Marban deposit to our Canadian Malartic complex. The Marban deposit is expected to be complementary to other “Fill-the-Mill” opportunities at Canadian Malartic, further improving the production profile at a long-life world class asset.