Cadillac Mines has launched its previously announced initial public offering (IPO) of common and special flow-through shares and a secondary offering by certain shareholders, for total gross proceeds of C$415 million ($421 million).
The IPO is structured in two offerings. The first is a treasury offering by Cadillac Mines of 25,148,000 offered shares for gross proceeds of around C$190 million. The secondary offering by certain shareholders of the company of 25,080,000 offered shares is for gross proceeds of around C$173 million to those shareholders.
Cadillac expects to complete a concurrent private placement treasury offering of 8,696,000 common shares to Agnico Eagle (TSX:AEM), for gross proceeds of around C$60 million. The Agnico private placement will not see any commissions or other fees paid to underwriters.
Cadillac Mines recently changed its name from Gold Candle to Cadillac Mines as a reflection of its growing presence along the Larder Lake-Cadillac Break in Ontario and Québec, Canada.
The offering will be made through a team of underwriters led by BMO Capital Markets, National Bank of Canada Capital Markets, and Stifel Canada as co-lead underwriters and joint bookrunners.
Cadillac Mines is a Canadian mineral exploration company advancing a growing portfolio of gold and critical minerals projects along the prolific Larder Lake-Cadillac Break.
Write to Amy Rotman at Mining.com.au
Images: Cadillac Mines
