Agnico Eagle Mines Ltd. AEM-T is extending its takeover offer for O3 Mining Inc. OIII-X to give more time for shareholders who have not already tendered their shares to do so.
The companies say 94.1 per cent of the outstanding shares in O3 Mining have already been tendered to the offer of $1.67 per share in cash.
Agnico Eagle will pay for the deposited shares by Jan. 28.
The offer was to expire Thursday, but Agnico Eagle has extended the deadline until 11:59 p.m. ET on Feb. 3 to allow the remaining shareholders to tender their shares.
O3 Mining’s main asset is its Marban Alliance property which is located next to Agnico Eagle’s Canadian Malartic operations in the Abitibi region of Quebec.
Agnico Eagle first announced its friendly offer to buy O3 Mining in December in a deal it valued at about $204-million.