VANCOUVER, Oct. 27, 2014 /CNW/ - Cayden Resources Inc. (TSX.V:CYD, OTCQX: CDKNF) ("Cayden" or the "Company") is pleased to announce that the plan of arrangement (the "Arrangement"), pursuant to which Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle") will acquire all of the issued and outstanding common shares of the Company, including common shares issuable on the exercise of outstanding options and warrants of the Company, was approved by shareholders and other securityholders of Cayden at the special meeting of Cayden securityholders held on October 27, 2014. At the meeting, approximately 99.0% of the votes cast by Cayden securityholders, voting as a single class, and 98.5% of the votes cast by Cayden shareholders (excluding the votes cast by those persons whose votes were excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions for the purposes of obtaining minority approval) were voted in favour of the Arrangement.
Under the Arrangement, Cayden shareholders will be entitled to receive 0.09 of an Agnico Eagle share and C$0.01 for each Cayden common share held. Cayden is seeking a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing expected to be held on October 29, 2014. In addition to the approval of the court, the Arrangement is subject to Mexican anti-trust approval and the satisfaction of other closing conditions customary in a transaction of this nature. Cayden and Agnico Eagle are actively pursuing the receipt of Mexican anti-trust approval. It is currently expected that, subject to receipt of all approvals, the transaction will close around the end of 2014.
Full details of the Arrangement and certain other matters are set out in the management information circular of Cayden dated September 26, 2014 (the "Information Circular"). A copy of the Information Circular and other meeting materials can be found on Cayden's website at www.caydenresources.com or on SEDAR at www.sedar.com.
Cayden is a Canadian based exploration company focused on the discovery, financing, and monetization of precious metal assets in two favorable mining jurisdictions in Mexico. The management team of Cayden is highly experienced and has a record of success in the mineral exploration business.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its nine mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these regions as well as in the United States. Agnico Eagle and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "pro-forma", "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might", "be taken", "occur" or "be achieved". Such forward-looking information may include, without limitation, statements regarding the completion and expected benefits of the proposed transaction and other statements that are not historical facts. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Cayden operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Assumptions upon which forward looking information relating to the proposed transaction have been made include that Cayden and Agnico Eagle will be able to satisfy the conditions in the Arrangement Agreement, that no materially adverse change in respect of Cayden has occurred and that regulatory, court and government approvals will be obtained. Cayden cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Cayden's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to: gold price volatility; fluctuations in foreign exchange rates and interest rates, between actual and estimated reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits and expansion of existing operations; the success of exploration and permitting activities; parts, equipment, labour or power shortages or other increases in costs; mining accidents, labour disputes or other adverse events; and changes in applicable laws or regulations. In addition, the factors described or referred to in the Company's Annual Information Form for the year ended December 31, 2013, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this press release. Although Cayden has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the proposed transaction could be modified, restricted or not completed, and the results or events predicted in these forward looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Cayden disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Cayden Resources Inc.
For further information: regarding Cayden, contact Ivan Bebek - President and CEO, or Jay Adelaar, Manager of Investor Relations, at (778) 729-0600 or visit www.caydenresources.com.