Agnico Eagle Issued Warrants IN Connection with Loan Agreement with Orla Mining Ltd. Financing
(All amounts expressed in Canadian dollars unless otherwise noted)
AGNICO EAGLE ISSUED WARRANTS IN CONNECTION WITH
LOAN AGREEMENT WITH ORLA MINING LTD. FINANCING
Toronto (January 7, 2020) – Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) ("Agnico
Eagle") announced today that it was issued (the "Issuance") 10,400,000 common share purchase
warrants (the "2026 Warrants") of Orla Mining Ltd. (TSX-V: OLA) ("Orla") on December 18, 2019
in connection with, and as consideration for the funding commitments provided by Agnico Eagle
under, the previously announced loan agreement dated December 18, 2019 (the "Loan
Agreement") between, among others, Orla and Agnico Eagle. Each 2026 Warrant entitles the
holder to acquire one Common Share at a price of $3.00 at any time prior to December 18, 2026.
Prior to the Issuance , Agnico Eagle owned 17,613,835 Common Shares and 870,250 common
share purchase warrants of Orla entitling holders to acquire one Com mon Share at a price of
$2.35 at any time prior to February 15, 2021 (the "2021 Warrants"), representing approximately
9.47% of the issued and outstanding Common Shares on a non- diluted basis and 9.89% of the
issued and outstanding Common Shares on a partially-diluted basis assuming the exercise of the
2021 Warrants held by Agnico Eagle. Following the Issuance, Agnico Eagle owned 17,613,835
Common Shares, 870,250 2021 Warrants and 10,400,000 2026 Warrants , represent ing
approximately 9.47% of the issued and outstanding Common Shares on a non-diluted basis and
14.64% of the issued and outstanding Common Shares on a partially -diluted basis assuming
exercise of the 2021 Warrants and the 2026 Warrants held by Agnico Eagle.
Agnico Eagle and Orla are party to an Amended and Restated Investor Rights Agreement dated
December 17, 2019 (the "Investor Rights Agreement ") pursuant to which Agnico Eagle was
granted, subject to the terms and conditions set out in the Investor Rights Agreement, certain
rights, including the right to participate in certain equity financings undertaken by Orla and the
right to nominate one member to Orla's board of directors (which it has no present intention of
exercising). The Investor Rights Agreement also provides that Agnico Eagle will, for a period of
18 months from October 18, 2019, either vote the Common Shares it owns in accordance with
the recommendations of the management or board of directors of Orla or abstain from voting on
such matters and includes certain limited restrictions on the transfer of Common Shares held by
Agnico Eagle.
The Loan Agreement provides for certain restrictions on Agnico Eagle's ability to transfer the 2026
Warrants until the loan commitments provided by Agnico Eagle thereunder have been satisfied.
Agnico E agle acquired the Common Shares, the 2021 Warrants and the 2026 Warrants for
investment purposes. Depending on market conditions and other factors, Agnico Eagle may,
from time to time, acquire additional Common Shares, common share purchase warrants or other
securities of Orla or dispose of some or all of the Common Shares, common share purchase
warrants or other securities of Orla that it owns at such time.
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An amended early warning report will be filed by Agnico Eagle in accordance with applicable
securities laws, in order to reflect the issuance of the 2026 Warrants . To obtain a copy of the
early warning report, please contact:
Aurea Dela Resma
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C
2Y7. Orla's head office is located at 595 Howe Street, Suite 202, Vancouver, British Columbia
V6C 2T5.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since
1957. Its operating mines are located in Canada, Finland and Mexico, with exploration and
development activities in each of these countries as well as in the United States and Sweden.
Agnico Eagle and its shareholders have full exposure to gold prices due to its long-standing policy
of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepa red as at January 7, 2020 . Certain
statements in this news release, referred to herein as "forward- looking statements", constitute
"forward-looking statements" within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial
securities laws. These statements can be identified by the use of words such as "may", "will" or
similar terms.
Forward-looking statements in this news release include, without limitation, statements relating to
Agnico Eagle's acquisition or disposition of securities of Orla in the future.
Forward-looking statements are necessarily based upon a number of factors and assumptions
that, while considered reasonable by Agnico Eagle as of the date of such statements, are
inherently subject to significant business, economic and competitive uncertainties and
contingencies. Many factors, known and unknown, could cause actual results to be materially
different from those expressed or implied by such forward -looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as
of the date made. Other than as required by law, Agnico Eagle does not intend, and does not
assume any obligation, to update these forward-looking statements.