| Agnico Eagle Closes Acquisition of Cayden Resources | |
| | |
|
Agnico Eagle Mines Limited (AEM) announced that it has completed the acquisition of 100% of the issued and outstanding common shares of Cayden Resources Inc. ("Cayden"). Per the Arrangement, each share of Cayden was exchanged for 0.09 of an Agnico Eagle share and C$0.01 in cash. Common shares of Cayden, which is now a wholly-owned subsidiary of Agnico Eagle, will be delisted from the TSX Venture Exchange.
Canada-based Cayden is an exploration company focused on discovery, financing, and monetization of precious metal assets in two mining jurisdictions in Mexico.
On Oct 27, 2014, roughly 99 % of Cayden’s security holders voted in favor of the plan of arrangement under which, it was agreed upon that Agnico Eagle would acquire Cayden and gain access to the El Barqueno property in Jalisco State, Mexico. Agnico Eagle expects to start exploration activities at El Barqueno with a budget of $15 million proposed for 2015. The company sees huge potential in the asset and expects it to drive additional growth on the Southern Business platform.
The acquisition is a part of Agnico Eagle’s strategy to buy promising, early-stage gold projects where it can add value through exploration and mine building.
Last month, Agnico Eagle released its third-quarter 2014 results. The company logged a net loss of $15.1 million (or 7 cents per share) on a reported basis in the quarter compared with a net income of $74.9 million (or 43 cents a share) recorded in the year-ago quarter. The bottom line was affected significantly by lower-realized gold prices and higher expenses related to amortization and exploration projects.
Barring one-time items, other than stock-option expenses, the results were at breakeven level in the quarter. Analysts polled by Zacks were expecting earnings of 14 cents per share on an average. Agnico Eagle currently carries a Zacks Rank #5 (Strong Sell). Other companies in the mining industry worth considering are Lake Shore Gold Corp. (LSG), Banro Corp. (BAA) and MAG Silver Corp. (MVG). All these stocks hold a Zacks Rank #2 (Buy). Read the Full Research Report on AEMRead the Full Research Report on BAARead the Full Research Report on LSGRead the Full Research Report on MVGZacks Investment Research
|
|
|
Banro Corporation
|
|
PRODUCER |
CODE : BAA |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Banro is a gold producing company based in Canada. Banro holds various exploration projects in Congo Dem. Rep. of. Its main assets in production are LUGUSHWA and KAMITUGA in Congo Dem. Rep. of and its main assets in development are TWANGIZA and NAMOYA in Congo Dem. Rep. of. Banro is listed in Canada and in United States of America. Its market capitalisation is US$ 120.8 millions as of today (€ 102.0 millions). Its stock quote reached its highest recent level on August 31, 2007 at US$ 9.96, and its lowest recent point on May 26, 2017 at US$ 0.07. Banro has 1 098 579 968 shares outstanding. |