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.
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.
About Cayden
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.