Agnico steps closer to owning large Finland gold land package after Rupert Resources takeover
TSX-listed Rupert Resources says its shareholders approved the takeover of its full share capital by Canada's largest mining company Agnico Eagle Mines in a deal valued at C$2.9-billion, or $2.12-billion.
Each share will be exchanged for 0.0401 of a common share of Agnico and a contingent consideration of up to C$3 in the form of a contingent value right.
Rupert is a gold exploration and development company focused on advancing the Ikkari project in the Central Lapland Greenstone Belt of Northern Finland.
Agnico is pursuing three seperate deals with Rupert, Aurion Resources and B2Gold to gain full control of a large land package in the Central Lapland Greenstone Belt, building a multi-asset platform anchored by Agnico's Kittilä mine and the Ikkari gold project.
Agnico's takeover of Aurion is valued at C$481-million in cash, while the B2Gold transaction involves acquiring its 70% stake in the Fingold joint venture for $325-million, which, combined with Aurion's 30% holding, will give Agnico full ownership of the asset and eliminate overlapping ownership structures across the district.
The arrangement between Agnico and Rupert remains subject to approval by the Supreme Court of British Columbia in a hearing scheduled on June 11.
