Agnico Eagle Announces Acceptance BY TSX of Normal Course Issuer Bid
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE ANNOUNCES ACCEPTANCE BY TSX
OF NORMAL COURSE ISSUER BID
Toronto ( May 2 , 2022) – Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM)
("Agnico Eagle") announced today that it has received approval from the Toronto Stock
Exchange (the "TSX") of Agnico Eagle's notice of intention to make a normal course
issuer bid (the "NCIB").
Under the NCIB, Agnico Eagle may purchase for cancellation, on the open market at its
discretion, during the period commencing on May 4, 2022 and ending on the earlier of
May 3, 2023 and the completion of purchases under the NCIB, up to the lesser of 5% of
the issued and outstanding common shares of Agnico Eagle ("Common Shares") and that
number of Common Shares that can be purchased by Agnico Eagle under the NCIB for
an aggregate purchase price , excluding commissions, of not more than $500,000,000
subject to the normal terms and limitations of such bids. Based on the closing share price
of $55.85 on April 28, 2022, 8,952,551 Common Shares would be purchasable under the
NCIB, representing approximately 1.96% of the issued and outstanding Common Shares
as of April 28, 2022. As of April 28, 2022, Agnico Eagle had 455,706,160 issued and
outstanding Common Shares.
Daily purchases on the TSX under the NCIB will be limited to 341,828 Common Shares,
other than purchases made pursuant to the block purchase exception, which represents
25% of the average daily trading volume of 1,367,311 on the TSX for six months ending
March 31, 2022. The actual number of Common Shares which may be purchased under
the NCIB and the timing of any such purchases will be dete rmined by the management
of Agnico Eagle, subject to applicable law and the rules of the TSX. Purchases under the
NCIB are expected to be made through the facilities of the TSX , the New York Stock
Exchange and alternative trading systems in Canada or the United States, at prevailing
market prices. The NCIB will be funded using Agnico Eagle's existing cash resources,
and any Common Shares repurchased by Agnico Eagle under the NCIB will be cancelled.
Agnico Eagle believes that the NCIB will provide a flexible tool as part of Agnico Eagle's
overall capital allocation program and objectives, while generating value for shareholders.
Decisions regarding any future repurchases will depend on certain factors, such as
market conditions, share price and other opportunities to invest capital for growth. Agnico
Eagle may elect to suspend or discontinue share repurchases at any time, in accordance
with applicable laws.
Agnico Eagle has established an automatic share purchase plan in connection with its
NCIB to facilitate the purchase of Common Shares during times when Agnico Eagle would
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ordinarily not be permitted to purchase Common Shares due to regulatory restrictions or
self-imposed black-out periods. Before entering a black -out period, Agnico Eagle may,
but is not required to, instruct the broker to make purc hases under the NCIB based on
parameters set by Agnico Eagle in accordance with the share purchase plan, TSX rules
and applicable securities laws. The plan has been pre -cleared by the TSX and wi ll be
implemented effective May 9, 2022.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from
operations in Canada, Australia, Finland and Mexico. It has a pipeline of high -quality
exploration and development projects in these countries as well as in the United States
and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized
globally for its leading environmental, social and governance practices. The Company
was founded in 1957 and has consistently created value for its shareholders, declaring a
cash dividend every year since 1983.
For further information regarding Agnico Eagle, contact Investor Relations at
[email protected] or call (416) 947-1212.
Forward-Looking Statements
The information in this news release has been prepared as at May 2, 2022 . 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 forward-looking statements can
be identified by the use of words such as "believes", "expected", "may", "will" or similar
terms. In particular, such forward-looking statements include, but are not limited to,
statements relating to Agnico Eagle's intention to commence the NCIB and the timing,
methods and quantity of any purchases of Common Sh ares under the NCIB , the
availability of cash for repurchases of Common Shares under the NCIB, compliance with
applicable laws and regul ations pertaining to the NCIB, Agnico Eagle' s perceptions of
historical trends, current conditions and expected future d evelopments, as well as other
considerations that are believed to be appropriate in the circumstances.
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. These assumptions include, but are not limited to, the
following assumptions made as at the date of this news release : that g overnments,
Agnico Eagle or others do not take additional measures in response to the COVID -19
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pandemic or otherwise that, individually or in the aggregate, materially affect Agnico
Eagle's ability to operate its business; that there are no significant dis ruptions affecting
operations; that production, permitting, development, expansion and the ramp up of
operations at each of Agnico Eagle's properties proceeds on a basis consistent with
current expectations and plans; that the relevant metal prices, foreig n exchange rates
and prices for key mining and construction supplies will be consistent with Agnico Eagle's
expectations; the availability and sources of capital; operating costs, ongoing utilization
and future expansions, the ability to reach required com mercial agreements, and the
ability to obtain required regulatory approvals; and that there are no material variations in
the current tax and regulatory environment.
Many factors, known and unknown, could cause actual results to be materially different
from those expressed or implied by the forward-looking statements included in this news
release. These risks include, but are not limited to: the extent and manner to which
COVID-19, and measures taken by governments, Agnico Eagle or others to attempt to
reduce the spread of COVID-19, may affect Agnico Eagle, whether directly or indirectly;
the volatility of prices of gold and other metals; uncertainty of future production, project
development, capital expenditures and other costs; foreign exchange rate fluctu ations;
financing of additional capital requirements; mining risks; community protests, including
by First Nations groups; governmental and environmental regulation; the behavior of the
financial markets, including the volatility of Agnico Eagle's stock pr ice; and certain other
risks set out in Agnico Eagle's public disclosure documents. For a more detailed
discussion of such risks and other factors that may affect Agnico Eagle's ability to achieve
the expectations set forth in the forward -looking statements containe d in this news
release, see Agnico Eagle's Annual Information Form and management's discussion and
analysis for the year ended December 31, 2021, each filed on SEDAR at www.sedar.com
and included in the Annual Report on Form 40-F for the year ended December 31, 2021,
which is filed on EDGAR at www.sec.gov, as well as Agnico Eagle's other filings with the
Canadian securities regulators and the US Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on a 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.