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Gold miners Agnico Eagle and Kirkland Lake Gold sign merger deal

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TORONTO — Gold miners Agnico Eagle Mines Ltd. and Kirkland Lake Gold Ltd. have agreed to merge.

Under the deal, Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held.

Existing Agnico Eagle shareholders will own 54 per cent of the combined company while Kirkland Lake Gold shareholders will hold 46 per cent.

The deal requires approval by a two-third majority vote by Kirkland Lake Gold shareholders and a simple majority vote by Agnico Eagle shareholders.

The new Agnico Eagle will be led by a combined board and management team.

Agnico Eagle CEO Sean Boyd will become executive chair of the board, while Kirkland Lake Gold CEO Tony Makuch will be chief executive of the combined company.

This report by The Canadian Press was first published Sept. 28, 2021.

Companies in this story: (TSX:AEM, TSX:KL)

The Canadian Press