Cadillac Mines Corp. and its backers successfully raised $385 million in an upsized initial public offering, according to reports from Financial Post. The Toronto-based mineral exploration company priced common shares at $6.90 each and special flow-through shares at $9.52 apiece. The offering consisted of 47.1 million common shares and 6.3 million flow-through shares, with selling shareholders contributing an additional 28.2 million common shares. The company raised approximately $190 million in gross proceeds, while selling shareholders contributed roughly $173 million. The increase from an initial target of $363 million was driven by strong investor demand, with an overallotment option available to stabilize the market. The offering is expected to close on or about August 5, 2026.
Agnico Eagle Mines Ltd. agreed to purchase 8.696 million shares in a concurrent private placement for approximately $60 million, as reported by Financial Post. This transaction will increase Agnico Eagle's stake in Cadillac to about 11.1 percent, up from the previous 9.7 percent. Agnico Eagle is already a company shareholder and entered into a royalty agreement with Cadillac in 2023. Additionally, Franco-Nevada Corp., whose co-founder Pierre Lassonde serves as Cadillac's chairman, also agreed to a royalty deal at that time.
According to the preliminary prospectus cited by Financial Post, Cadillac holds claims to property in Ontario where its main Kerr-Addison gold mine is located, as well as Quebec. The company is part of a growing Canadian listing pipeline of metals-based offerings that includes BG Gold Capital II Corp. and Amapa Minerals Holdings Inc., which announced pricing its IPO on Friday and expects to raise $140 million. The funds raised will support the company's exploration and development projects along the Cadillac-Larder Lake fault in Ontario and Quebec.
As reported by Financial Post, the Cadillac offering adds to activity in Canada's equity capital markets, which have seen $1.81 billion of IPOs this year, excluding blank-check firms and other financial vehicles. This represents a significant increase from just $9.3 million of deals in the same period in 2025. Bank of Montreal, National Bank of Canada and Stifel Financial Corp. led Cadillac's IPO. The shares are expected to trade Friday on a when-issued basis on the S&P/TSX composite index under the symbol CADY. Cadillac Mines will begin trading on the Toronto Stock Exchange under the symbol "CADY" on July 24, 2026.
