Agnico Eagle Mines Limited acquired Comaplex Minerals Corp. (Meliadine) for All-share exchange (0.1576 Agnico share per Comaplex share); total consideration ~C$10.32 per Comaplex share.
Agnico Eagle agreed to acquire the shares of Comaplex Minerals it did not already own, giving each Comaplex shareholder 0.1576 of an Agnico share plus one share of a newly spun-out company (later Geomark) holding Comaplex's non-Meliadine assets. Total consideration was estimated at about C$10.32 per Comaplex share, roughly a 34% premium. Comaplex held 100% of the advanced-stage Meliadine gold project in Nunavut, about 300 km from Agnico's Meadowbank mine. Agnico completed the acquisition in July 2010.
Adding the large, high-grade Meliadine deposit fit Agnico's Nunavut/Arctic operating skill set and deepened its commitment to Canada right after the start-up of the neighbouring Meadowbank mine.
Upon completion of the proposed transaction, the addition of the large, high grade Meliadine property is consistent with our steady, focused approach to per share growth. In addition, on the back of a successful start up of our Meadowbank gold mine this quarter, the Meliadine property is a perfect fit with our Arctic skill set and the transaction solidifies our commitment to Nunavut and our foundation in Canada.
Advisory firms were not disclosed for this transaction.