Cadillac Mines prices IPO at $385M, upsized from $363M. Agnico Eagle takes $60M private placement stake. Shares trade July 24 under CADY on the TSX.
Cadillac Mines Corporation priced its initial public offering at $385 million in gross proceeds, upsizing from an earlier target of $363 million on excess demand. The company, which changed its name from Gold Candle Ltd. last month, will list on the Toronto Stock Exchange under the ticker CADY.
The offering includes 47.1 million common shares at $6.90 apiece and 6.3 million special flow-through shares at $9.52. About half the proceeds, or $195 million, goes to selling shareholders in a secondary component. The company itself raises $190 million from the treasury portion.
Agnico Eagle Mines Ltd. subscribed for 8.7 million common shares at the IPO price through a private placement worth roughly $60 million, the company said. That placement closes concurrently with the IPO. Agnico pays no underwriting fees on that piece.
The underwriting syndicate is led by BMO Capital Markets, National Bank of Canada Capital Markets and Stifel Canada as joint bookrunners. Scotiabank, Barclays Capital Canada, CIBC Capital Markets, Desjardins Securities and Ventum Financial are co-managers.
Shares start trading on an "if, as and when issued" basis July 24. The closing is expected on or about Aug. 5.
Cadillac Mines holds gold and critical mineral projects along the Cadillac-Larder Lake Break in Ontario and Quebec, anchored by the historic Kerr-Addison mine. The company also advances the Geminid nickel deposit.
The final prospectus is available on SEDAR+. A supplemented prospectus with pricing details is expected July 24.
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