Cadillac Mines has completed its upsized initial public offering (IPO) and a concurrent private placement, successfully securing total gross proceeds of approximately $440 million. The company is now publicly listed on the Toronto Stock Exchange under the symbol “CADY” following the settlement of its offering.

The transaction was executed in three distinct parts. The treasury offering resulted in Cadillac Mines raising C$190,035,060 through the issuance of 18,845,000 common shares and 6,303,000 special flow-through shares. Simultaneously, a secondary offering involving various selling shareholders generated C$250,033,230. This secondary component included 8,006,700 common shares issued following the full exercise of the over-allotment option granted to the underwriters. The company received no proceeds from the sale of shares under this option.

Beyond the public offering, the company completed a concurrent private placement of 8,696,000 common shares to Agnico Eagle Mines Limited, which contributed an additional $60 million to the overall capital raise. No fees or commissions were paid in connection with this specific private placement.

The capital injection provides funding to advance exploration and resource expansion at the company’s Abitibi assets. Cadillac Mines intends to apply the net proceeds from the offering toward the execution of its 2026 exploration program, with a primary focus on the Kerr-Addison project.

The completion of the IPO and the subsequent change in share count have altered the ownership position of notable shareholder Pierre Lassonde. Following the closing, Mr. Lassonde and his joint actors now hold 35,487,280 common shares and 3,409 deferred share units. This represents approximately 13.18% of the company’s issued and outstanding common shares on a partially-diluted basis, reflecting a 1.26% decrease from his previous holding percentage.

The shares are currently trading at $7.30 on the Toronto Stock Exchange. The stock is up 1.53% in the session following the release of the upsized IPO closing and the full exercise of the over-allotment option.

The offering was managed by a syndicate led by BMO Capital Markets, National Bank of Canada Capital Markets, and Stifel Canada as co-lead underwriters and joint bookrunners, with support from a group of co-managers including Scotiabank, Barclays, CIBC Capital Markets, Desjardins Capital Markets, and Ventum Financial Corp.

Read the full announcement: Cadillac Mines Corporation Announces Closing of Upsized Initial Public Offering and Exercise of Over-Allotment Option in Full