Completion of AEM takeover of CYD
Agnico Eagle completes Cayden acquisition
Agnico Eagle Mines Ltd (C:AEM)
Shares Issued 210,091,009
Last Close 11/27/2014 $28.64
Friday November 28 2014 - News Release
Mr. Sean Boyd reports
AGNICO EAGLE COMPLETES ACQUISITION OF CAYDEN RESOURCES INC.
Agnico Eagle Mines Ltd. has completed the previously announced plan of arrangement, pursuant to which Agnico Eagle has acquired 100 per cent of the issued and outstanding common shares of Cayden Resources Inc., including common shares issuable on the exercise of outstanding options and warrants of Cayden. Cayden is now a wholly owned subsidiary of Agnico Eagle. The arrangement was approved at a special meeting held for Cayden securityholders on Oct. 27, 2014, by approximately 99 per cent of the votes cast by securityholders. Final approval for the arrangement was obtained from the Supreme Court of British Columbia on Oct. 29, 2014, and Mexican anti-trust approval was obtained on Nov. 12, 2014. As a result, Cayden's common shares will be delisted from the TSX Venture Exchange, and Agnico Eagle will 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 Sean Boyd, President and Chief Executive Officer of Agnico Eagle. "A $15 million exploration program is anticipated in 2015 with the intent of delineating an initial resource estimate to further enhance shareholder value," added Mr. Boyd.
Former Cayden President and CEO, Ivan Bebek commented "I would like to thank the entire Cayden team for their efforts which resulted in the favorable 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."
The Arrangement
Under the Arrangement, each Cayden common share was exchanged for 0.09 of an Agnico Eagle share and C$0.01 in cash. Full details of the Arrangement and certain other matters are set out in the management information circular of Cayden dated September 26, 2014 (the "Information Circular"). A copy of the Information Circular can be found under Cayden's profile on SEDAR at www.sedar.com. Cayden shareholders who have questions or who may need assistance with the completion of letters of transmittal are advised to contact Computershare Investor Services Inc., the depository for the Arrangement, at: North American Toll Free: 1-800-564-6253.
