Mentor Exploration and Development Co., Limited
Stock Symbol: MV (CDNX)
TORONTO, Sept. 10 /CNW/ - Mentor Exploration and Development Co., Limited
announced today that it has approved a proposal from Agnico-Eagle Mines
Limited, which currently owns 49.5 percent of Mentor, to effect a statutory
plan of arrangement pursuant to which Agnico-Eagle would acquire the remaining
50.5 percent of Mentor on the basis of 0.21 Agnico-Eagle common shares for
every Mentor common share. All of the 22.6% interest that Mentor currently
holds in Sudbury Contact Mines Limited, a TSE listed company, would be
distributed to the shareholders of Mentor prior to the acquisition by Agnico-
Eagle of the Mentor common shares.Mentor has 3,482,351 common shares outstanding. Agnico-Eagle Mines
Limited proposes to acquire the 1,759,117 shares that it does not already own
of Mentor in exchange for approximately 369,000 shares of Agnico-Eagle.
Mentor's independent director has considered the proposal and has concluded it
to be fair and reasonable to the minority shareholders of Mentor. The board of
directors of Mentor unanimously recommends that its shareholders vote in
favour of the proposed plan of arrangement. The proposal is subject to regulatory and shareholder approval. A meeting
of Mentor shareholders will be held on Monday, October 15, 2001 at the Hilton
Toronto to consider the proposed plan of arrangement. Subject to receipt of
all necessary Court, shareholder and regulatory approvals, the proposed plan
of arrangement is expected to become effective October 16, 2001. Mentor Exploration and Development Co., Limited was formed in 1926 and
was listed on The Toronto Stock Exchange from 1927 to January 2, 2001. Mentor
now trades on CDNX under the symbol "MV". Mentor's principal activity has been
investing in publicly traded Canadian mining companies and investing, directly
and indirectly, in mineral exploration activities in Canada and Nevada.
Mentor's principal investment is its interest in Sudbury Contact Mines Limited
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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