Agnico Eagle to pay C$205m for Cayden Resources
TORONTO (miningweekly.com) – Having earlier this year bagged midtier gold miner Osisko Gold in a C$3.9-billion friendly takeover with joint venture partner Yamana Gold, Canadian gold miner Agnico Eagle was on Monday at it again, agreeing to buy Mexico-focused explorer Cayden Resources for C$205-million in cash and scrip.
The NYSE- and TSX-listed Agnico, which operates mines in Canada and Mexico, explained that it would pay Cayden shareholders C$3.79 a share. This represented premiums of 42.5% over the volume weighted average price of Cayden shares on the TSX-V for the 30-day period and 51.9% over the 60-day period, respectively, both ended on Friday.
Cayden shareholders would receive 0.09 of an Agnico Eagle share and C$0.01 for each Cayden common share held.
Cayden owns a 100% interest in the El Barqueňo property, which covered about 41 000 ha in the Guachinango gold district, in Jalisco state, Mexico. El Barqueňo hosted a significant epithermal bonanza-type gold vein and disseminated stockwork system. Drilling and trenching in an area about 13.5 km long by 4.7 km wide had identified several gold-bearing zones.
Cayden also owns a 100% interest in the Morelos Sur property, which covers about 13 000 ha in the Guerrero gold belt, in Guerrero state. Morelos Sur consisted of three properties (La Magnetita, Tenantla and Las Calles), and exploration by Cayden had outlined a 25 km2 gold soil anomaly at La Magnetita and Tenantla.
Pending shareholder and regulatory approvals, the friendly transaction was expected to close before the end of the year.
Cayden's shares closed at C$2.95 apiece on the TSX-V on Monday, while Agnico shares shed 2.27% to close at C$37.08 apiece on the TSX.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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
