Agnico Eagle Mines completes acquisition of TMAC Resources
Torys acted as counsel to BMO Capital Markets as the financial advisor to TMAC on both the Shandong and Agnico Eagle transactions with a team that included Mike Amm and Konata Lake.
On February 2, 2021, TMAC Resources Inc. (“TMAC”) announced that Agnico Eagle Mines Limited (“Agnico Eagle”) completed all of its issued and outstanding common shares by way a statutory plan of arrangement under the Business Corporations Act (Ontario). Each TMAC shareholder received cash consideration of C$2.20 for each common share held, representing aggregate consideration of approximately C$286 million.
The transaction was effected through the assignment to Agnico Eagle of an arrangement agreement dated May 8, 2020 originally made between TMAC, Shandong Gold Mining Co. Ltd. (“Shandong Gold”), and in accordance with the assignment, assumption and novation agreement signed January 4, 2021 between TMAC, Shandong Gold and Agnico Eagle, which included an increase of C$0.45 per share from the original C$1.75 per share offer price by Shandong Gold.
Further information can be found on Business Wire’s website.
TMAC is a Canadian-based mining company that owns and operates the Hope Bay property located in Kitikmeot region of Nunavut, Canada. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. The property has over 90 regional exploration targets across an 80 km greenstone belt.
Agnico Eagle is a senior Canadian gold mining company with operating mines located in Canada, Finland and Mexico, and exploration activities in each of these countries as well as in the United States and Sweden.