--(BUSINESS WIRE)--Jan. 14, 1999--Agnico-Eagle Mines
Limited (TSE:AGE.) (ME:AGE.) (NYSE:AEM) announced today that it
learned yesterday from investors of a cash tender offer being made to
holders of its Convertible Notes due 2004, which are listed and traded
on NASDAQ in the United States (symbol "AEGGF"), at the below market
price of $470 per note.
Sean Boyd, President of the Company, stated that the cash offer
appears to be designed to prey on the uninformed note holder because
the recent market price has been greater than $600 per note.
Accordingly, Mr. Boyd urged note holders not to accept the inadequate,
below market offer. Mr. Boyd also pointed out that recent published
reports, including an article in Barron's Jan. 11, 1999, entitled
"Crafty Duo Manages to Buy Stocks and Bonds at a Discount, Leaving the
Sellers Worse for Wear," indicated that the offeror appears to engage
in a course of business of making cash tender offers at sharp
discounts from market prices designed to enrich themselves at the
expense of uninformed investors.
"Note holders should not let themselves be misled by this grossly
inadequate, below market offer," said Mr. Boyd.
Agnico-Eagle Mines Limited is an established Canadian gold
producer with operations located principally in Northwestern Quebec
and exploration and development activities in Quebec and Ontario.
Agnico-Eagle's operating history includes 24 years of continuous gold
production primarily from underground mining operations. Agnico-Eagle
is currently focused on a development and expansion program at its
LaRonde Division that is excepted to result in increased gold
production and expanded gold reserves.
CONTACT: Agnico-Eagle Mines Limited
Sean Boyd, 416/947-1212
|