Agnico Eagle to Acquire Cayden Resources
TORONTO, Sept. 8, 2014 - Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle") and Cayden Resources Inc. (TSX-V:CYD.V) ("Cayden") are pleased to announce that they have entered into an agreement (the "Agreement") pursuant to which Agnico Eagle will acquire 100% of Cayden's issued and outstanding common shares, including shares issuable under outstanding options and warrants, under a plan of arrangement (the "Arrangement") for total consideration of approximately C$205 million, or approximately C$3.79 per share (based on Agnico Eagle's volume weighted average price of shares on the TSX for the 30-day period ended September 5, 2014). Under the Arrangement, Cayden shareholders will be entitled to receive 0.09 of an Agnico Eagle share and C$0.01 for each Cayden common share. The offer represents a premium of 42.5% to the volume weighted average price of Cayden shares on the TSX Venture Exchange for the 30-day period and an 51.9% premium to the 60-day period, both ended September 5, 2014 (the last trading day prior to announcement of the transaction).
- Published: 08 September 2014
- Written by Editor