McEwen to buy Canadian Gold in all-share deal
NYSE- and TSX-listed McEwen announced on Tuesday it would acquire all outstanding shares of TSX-V-listed Canadian Gold, the owner of the past-producing Tartan Lake gold mine, in Manitoba.
The acquisition adds “an increasingly rare, high-grade former producing mine in Canada” to its portfolio and will strengthen its development and production pipeline.
The all-share transaction valued each Canadian Gold share at C$0.60, nearly doubling its previous closing price, McEwen pointed out.
Canadian Gold shareholders will receive 0.0225 McEwen shares for each share held. The offer represents a 96.7% premium to Canadian Gold’s closing price on the day before the two companies announced a letter of intent for the deal. Once completed, McEwen shareholders will own about 92% of the combined company, while Canadian Gold shareholders will hold 8%.
The transaction, structured as a court-approved plan of arrangement under British Columbia law, is expected to close in early January 2026, subject to shareholder and regulatory approvals. Canadian Gold shareholders will vote on December 5, with approval requiring two-thirds of votes cast and a simple majority of minority shareholders, excluding shares held by McEwen and related parties.
The deal includes a C$2.195-million break fee payable to McEwen under certain conditions. Each company’s board approved the agreement following recommendations from independent special committees, which received fairness opinions from external financial advisers.
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