06:40 AM EST, 12/12/2024 (MT Newswires) -- Agnico Eagle Mines Limited ( AEM ) and O3 Mining Inc. ( OIIIF ) jointly announced Thursday they have entered into a definitive support agreement that will see Agnico Eagle acquire, directly or indirectly, all of the outstanding common shares of O3 Mining ( OIIIF ) at C$1.67 per common share in cash by way of a take-over bid.

A statement noted the offer is valued at approximately $204 million on a fully diluted in-the-money basis. It said the offer price of $1.67 per common share represents a premium of 50%-plus to the volume weighted average price on the TSX Venture Exchange for the 20-day period ended December 11, 2024.

Thursday's statement noted the offer has been unanimously recommended by the board and special committee of O3 Mining ( OIIIF ) and supported by shareholders representing 22% of outstanding shares of O3 Mining ( OIIIF ).

O3 edge up $0.01 to $1.06 in Canada yesterday. AEM gained 3.5% to $4.22 on the TSX, near 52 week highs.