Media Release: Clayton Utz advises Kirkland Lake Gold Ltd on successful merger of equals with Agnico Eagle Mines Limited

10 Feb 2022

Perth, 10 February 2022: Clayton Utz has advised ASX, TSX and NSYE listed Kirkland Lake Gold Ltd (Kirkland Lake) on its successful merger of equals transaction with Agnico Eagle Mines Limited (TSX: AEM, NSYE:AEM) (Agnico Eagle) by way of Canadian law governed plan of arrangement.  The transaction completed on 8 February 2022.

Perth Corporate partners Liz Humphry and Brett Cohen, together with special counsel Armin Fazely and lawyers Tyson Ginn and Luke Crofts, advised on the Australian law and ASX-related aspects of the deal and the subsequent de-listing of Kirkland Lake from the ASX.

Under the merger, the combined company continues as Agnico Eagle Mines Limited and remains listed on the Toronto and New York Stock Exchanges under the ticker “AEM”.  Consideration to former Kirkland Lake shareholders was provided in the form of 209,274,263 new Agnico Eagle common shares (worth approximately US$10 billion).  At the completion of the merger, the new Agnico Eagle had a market capitalisation of approximately US$22.4 billion.

Commenting on our role on the transaction, Liz said: 

Kirkland has been a longstanding client of our firm and it has been our pleasure to assist with their journey in Australia – from the acquisition of Fosterville Mine in Victoria, to their ASX listing and now a transformational consolidation transaction.  We have thoroughly enjoyed working with the Kirkland team, as well as our colleagues from Cassels in Canada.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.