Agnico Eagle completes acquisition of Cayden Resources
JOHANNESBURG (miningweekly.com) – Dual-listed Agnico Eagle Mines has completed the acquisition of exploration company Cayden Resources, which is now a wholly-owned subsidiary of Agnico Eagle.
Under the arrangement, each Cayden common share was exchanged for 0.09 of an Agnico Eagle share and C$0.01 in cash.
The arrangement was approved by about 99% of the votes at a special meeting held for Cayden securityholders on October 27. Final approval for the arrangement was obtained from the Supreme Court of British Columbia on October 29 and Mexican anti-trust approval was obtained on November 12.
As a result, Cayden's common shares would now be delisted from the TSX-V and Agnico Eagle would apply to the relevant securities commissions for Cayden to cease to be a reporting issuer under Canadian securities laws.
"Cayden's management did a commendable job of creating shareholder value through its portfolio of Mexican properties. With the acquisition of Cayden now completed, Agnico Eagle looks forward to further advancing the El Barqueno gold project through focused exploration," said Agnico Eagle president and CEO Sean Boyd.
"A $15-million exploration programme is anticipated in 2015 with the intent of delineating an initial resource estimate to further enhance shareholder value," he added.
Former Cayden president and CEO Ivan Bebek thanked the entire Cayden team for its efforts, which resulted in the favourable transaction.
“On behalf of the company, I would like to thank all of our shareholders who financed and supported us since the inception of Cayden and congratulate Agnico Eagle on the acquisition of Cayden and its robust projects."
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation