Agnico Eagle Mines’ $286.6 Million Acquisition of TMAC Resources Inc.

Cassels acted for TMAC, while Agnico Eagle Mines Limited was assisted by Davies Ward Phillips & Vineberg LLP.

On January 5, 2021, TMAC Resources Inc. and Agnico Eagle Mines Limited entered into agreements pursuant to which Agnico Eagle has agreed to acquire all of the outstanding common shares of TMAC at a price of $2.20 per share in cash, for a total equity value of approximately $286.6 million.

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these countries as well as in the United States, Sweden and Colombia.

TMAC operates the Hope Bay property located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip.

The Cassels team included Jay Goldman (Picture), Lindsay Clements, Jeff Roy and Jasmine Qin (Securities, M&A and Mining), Jason Arbuck and Jenna Clark (Banking & Specialty Finance), Chris Hersh (Competition & Foreign Investment), and Lara Jackson, Stephanie Voudouris (Litigation) and and Kristin Taylor (Employment & Labour).

The Davies team working on the transaction included Patricia Olasker, Jennifer Longhurst, Emily Uza, Ghaith Sibai and Michael Rafalovich (M&A); Jim Dinning and Dajena Pechersky (Competition); Matthew Milne-Smith (Dispute Resolution); and Chris Anderson and Ryan Wolfe (Tax).

Involved fees earner: Jason Arbuck – Cassels Brock & Blackwell LLP; Jenna Clark – Cassels Brock & Blackwell LLP; Lindsay Clements – Cassels Brock & Blackwell LLP; Jay Goldman – Cassels Brock & Blackwell LLP; Chris Hersh – Cassels Brock & Blackwell LLP; Lara Jackson – Cassels Brock & Blackwell LLP; Jasmine Qin – Cassels Brock & Blackwell LLP; Jeffrey Roy – Cassels Brock & Blackwell LLP; Kristin Taylor – Cassels Brock & Blackwell LLP; Stephanie Voudouris – Cassels Brock & Blackwell LLP; Christopher Anderson – Davies Ward Philips & Vineberg; Jim Dinning – Davies Ward Philips & Vineberg; Jennifer Longhurst – Davies Ward Philips & Vineberg; Matthew Milne-Smith – Davies Ward Philips & Vineberg; Patricia Olasker – Davies Ward Philips & Vineberg; Dajena Pechersky – Davies Ward Philips & Vineberg; Michael Rafalovich – Davies Ward Philips & Vineberg; Ghaith Sibai – Davies Ward Philips & Vineberg; Emily Uza – Davies Ward Philips & Vineberg; Ryan Wolfe – Davies Ward Philips & Vineberg;

Law Firms: Cassels Brock & Blackwell LLP; Davies Ward Philips & Vineberg;

Clients: Agnico Eagle Mines Limited; TMAC Resources Inc.;

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Author: Ambrogio Visconti