Sunday, August 24, 2025

Latest

Agnico Eagle, Kirkland Lake Gold Merger Gets Approval From Shareholders

In a consecutive special meeting, Agnico Eagle Mines Limited (TSX: AEM) and Kirkland Lake Gold Ltd. (TSX: KL) both announced on Friday that the proposed merger of the two firms has been approved by both of its shareholders. The resulting company will still operate under the Agnico Eagle name and is expected to be “the gold industry’s highest-quality senior producer”.

Approximately 99.86% of the votes cast by Agnico Eagle shareholders were in favor of the proposal, with a shareholder turnout of 69.62%. On the other hand, around 80.65% of the votes by Kirkland Lake shareholders voted in favor of the merger, with 70.85% turnout.

The combined company, with a projected market capitalization of US$24 billion, is expected to consolidate a total of 48 million gold ounces of mineral reserve base, and a total of US$2.3 billion in available liquidity.

Under the agreement of the proposed merger, each Kirkland Lake Gold share held will be exchanged for 0.7935 of an Agnico Eagle common share. Upon the transaction’s close, Agnico Eagle and Kirkland Lake Gold shareholders will own approximately 54% and 46% of the resulting merger, respectively.

Following the approvals, the firms are now waiting for the final order by the Ontario Superior Court of Justice and the approval of the Australian Foreign Investment Review Board, among other customary closing conditions. The completion of the transaction is expected to happen in Q1 2022.

Should the merger push through, Kirkland Lake Gold shares will be delisted from TSX, NYSE, and ASE while Agnico Eagle shares will continue to trade on the exchanges it is currently listed.

Weeks ago, Kirkland Lake Gold reported its Q3 2021 financials, highlighting US$667 million in revenue.

Agnico Eagle Mines last traded at $65.45 while Kirkland Lake Gold last traded at $51.57 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.

Video Articles

G Mining Q2 Earnings: Costing Gone Wild

Aya Gold Q2 Earnings: Production Slips Amid Ramp Up

i-80 Gold Q2 Earnings: Better, But Not Great

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Agnico Eagle Closes US$22.4 Billion Merger With Kirkland Lake Gold

Agnico Eagle Mines Limited (TSX: AEM) and Kirkland Lake Gold Ltd. (TSX: KL) announced on Tuesday...

Wednesday, February 9, 2022, 11:51:00 AM

Agnico Eagle Takes 12% Stake In Canada Nickel For $23.1 Million

Canada Nickel Company (TSXV: CNC) evidently is raising funds via a flow through financing. In...

Sunday, December 31, 2023, 10:49:41 AM

Agnico Eagle Acquires O3 Mining

As the gold market continues to heat up, we’ve got more consolidation on the table...

Sunday, December 22, 2024, 01:39:00 PM

Kirkland Lake Gold Reports $551.8 Million In Revenue For Q1 2021

Kirkland Lake Gold Ltd. (TSX:KL) reported today its financial and operational results for Q1 2021,...

Thursday, May 6, 2021, 09:48:00 AM

Kirkland Lake Guides For 1.30 Million To 1.40 Million Ounces Of Gold Production In 2021

Late last night, Kirkland Lake Gold (TSX: KL) (NYSE: KL) released its three year guidance...

Friday, December 11, 2020, 07:43:40 AM