Agnico Eagle's acquisition of TMAC approved by Ontario court
TSX-listed gold miner TMAC Resources has received an amended final order from the Ontario Superior Court of Justice (Commercial List) approving the acquisition of TMAC by gold mining company Agnico Eagle Mines as the substituted buyer under a previously approved plan of arrangement.
The transaction provides for the acquisition by Agnico Eagle of all the issued and outstanding common shares of TMAC at an all-cash price of C$2.20 apiece by way of a statutory plan of arrangement under the Business Corporations Act.
The parties received an advance ruling certificate under the Competition Act on January 6, satisfying the Competition Act clearance condition in respect of the transaction.
With the receipt of the amended final order, assuming all other conditions precedent to closing the transaction are satisfied or waived at that time, the transaction is expected to close on or about February 2.
Following closing of the transaction, TMAC's common shares will be delisted from the TSX.
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