Stock Symbol: AEM (NYSE and TSX)
TORONTO, Nov. 28, 2014 /PRNewswire/ - Agnico Eagle
Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the
"Company") is pleased to announce today the completion of the
previously announced plan of arrangement (the "Arrangement")
pursuant to which Agnico Eagle has acquired 100% of the issued and
outstanding common shares of Cayden Resources Inc. ("Cayden"),
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 October 27,
2014 by approximately 99.0% of the votes cast by
securityholders. Final approval for the Arrangement was
obtained from the Supreme Court of British Columbia on October 29, 2014, and Mexican anti-trust approval
was obtained on November 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
Email: corporateactions@computershare.com
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has
produced precious metals since 1957. Its nine mines are
located in Canada, Finland and Mexico, with exploration and development
activities in each of these regions as well as in the United States. The Company and its
shareholders have full exposure to gold prices due to its
long-standing policy of no forward gold sales. Agnico Eagle has
declared a cash dividend every year since 1983.
Forward-Looking Statements
The information in this document has been prepared as at
November 28, 2014. Certain statements
contained in this document constitute "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and forward looking information under
the provisions of Canadian provincial securities laws and are
referred to herein as forward-looking statements. When used in this
document, the words "anticipate", "believe", "expect", "estimate",
"forecast", "intend", "will", "planned", and similar expressions
are intended to identify forward-looking statements or information.
Such statements include without limitation: statements regarding
Agnico Eagle's intention to delist the Cayden common shares and
cause Cayden to cease being a reporting issuer; and to conduct a
$15 million exploration program at El
Barqueno. Such statements and information reflect Agnico Eagle's
views as at the date of this document and are subject to certain
risks, uncertainties and assumptions, and undue reliance should not
be placed on such statements and information. Many factors, known
and unknown could cause the actual results to be materially
different from those expressed or implied by such forward looking
statements. Such risks include, but are not limited to: the
volatility of prices of gold and other metals; uncertainty of
mineral reserves, mineral resources, mineral grades and mineral
recovery estimates; uncertainty of future production, capital
expenditures, and other costs; currency fluctuations; financing of
additional capital requirements; cost of exploration and
development programs; mining risks; community protests; risks
associated with foreign operations; governmental and environmental
regulation; the volatility of stock prices; and risks associated
with byproduct metal derivative strategies. For a more detailed
discussion of such risks and other factors that may affect Agnico
Eagle's ability to achieve the expectations set forth in the
forward-looking statements contained in this document, see Agnico
Eagle's Annual Information Form for the year ended December 31, 2013 filed on SEDAR at www.sedar.com
and included in Agnico Eagle's Form 40-F for the year ended
December 31, 2013 filed on EDGAR at
www.sec.gov and Cayden's Annual Information Form for the year ended
December 31, 2013 filed on SEDAR at
www.sedar.com, as well as both of Agnico Eagle's and Cayden's other
filings with the Canadian securities regulators and Agnico Eagle's
filings with the U.S. Securities and Exchange Commission (the
"SEC"). Agnico Eagle does not intend, nor does it they assume
any obligation, to update these forward-looking statements and
information. For a detailed breakdown of Agnico Eagle's reserve and
resource position see Agnico Eagle's Annual Information Form or
Form 40-F.
SOURCE Agnico Eagle Mines Limited