Cadillac Mines Corp., a Toronto-based mineral exploration firm, and a group of its backers announced a combined haul of C$385 million from an upsized initial public offering, marking a notable addition to Canada’s mining-related listing activity. The company disclosed the pricing and allocation in a statement dated July 23.
Under the terms announced, Cadillac Mines set the price for its common shares at C$6.90 apiece and priced special flow-through shares at C$9.52 each. The fundraising split left the company with approximately C$190 million in gross proceeds, while selling shareholders realized about C$173 million.
The offering composition included 18.8 million newly issued common shares and 6.3 million flow-through shares sold by the company. In addition, holders sold 28.2 million common shares - an increase from the 25.1 million originally planned to be sold by holders - reflecting the upsizing of that portion of the deal.
Originally sized at roughly C$363 million, the transaction was expanded in response to excess demand, leading to the final combined amount of C$385 million. The company also disclosed a separate subscription agreement with Agnico Eagle Mines Limited. Under that agreement, Agnico agreed to subscribe for 8.7 million common shares at C$6.90 each on a private placement basis, representing gross proceeds to Cadillac Mines of approximately C$60 million. The Agnico private placement is expected to close concurrently with the offering.
Cadillac Mines said its common shares will start trading on the Toronto Stock Exchange on an "if, as and when issued" basis on Friday under the symbol TSX:CADY. The company indicated the closing of the offering is expected to occur on or about August 5, 2026, and remains subject to customary closing conditions.
The transaction details reflect a combination of newly issued securities and shares sold by existing holders, with proceeds apportioned between the company and selling shareholders as disclosed. The upsized offering underscores robust investor interest in the placement as presented by the company in its July 23 statement.