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."