Agnico Eagle Mines Limited (TSX: AEM) and Kirkland Lake Gold Ltd. (TSX: KL) announced on Tuesday the completion of the previously announced merger agreement. The resulting company is said to have a market capitalization of US$22.4 billion.
The merger will retain the name Agnico Eagle Mines Limited and will still trade under the same symbol on Toronto Stock Exchange and New York Stock Exchange.
Agnico Eagle issued a total of 209,274,263 common shares to former Kirkland Lake shareholders as part of the merger. Under the agreement, each Kirkland Lake share held was exchanged for 0.7935 of an Agnico Eagle common share. Shareholders of both companies approved the merger in November 2021.
On the other hand, Kirkland Lake is expected to delist today its shares from both TSX and NYSE.
The combined company reconstituted its board with representatives from both firms. Agnico Eagle CEO Sean Boyd will now serve as the executive chair while Kirkland Lake CEO Anthony Makuch will continue on as CEO of the combined firm.
Agnico Eagle Mines last traded at $62.86 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.