Agnico Eagle closes C$287M takeover of TMAC Resources

Agnico Eagle Mines Ltd. completed its C$286.6 million takeover of TMAC Resources Inc. on Feb. 2 after securing final court approval in late January.

Under the terms, TMAC shareholders will receive C$2.20 for each share held, a 26% increase from Shandong Gold Mining Co. Ltd.'s offer of C$1.75 per share, which Canada's Governor in Council blocked in late December 2020 amid national security concerns.

TMAC's shares are expected to be delisted from the Toronto Stock Exchange after trading closes Feb. 3.

Agnico Eagle will take over the Hope Bay gold property in Nunavut, Canada, which is expected to boost the company's position in the region.