Gold Miner Cadillac and its backers have successfully raised approximately $385 million in an initial public offering (IPO) on the Toronto Stock Exchange. The offering was upsized from an initial target of $363 million due to strong demand. The shares began trading on an "if, as and when issued" basis on July 24, 2026, under the symbol "CADY". The IPO consisted of 47,075,000 common shares priced at $6.90 each and 6,303,000 special flow-through shares at $9.52 each.
The total gross proceeds of $385 million were split between Cadillac Mines and its existing shareholders. Cadillac Mines received $190 million from the treasury offering of 18,845,000 common shares and 6,303,000 special flow-through shares. The selling shareholders, meanwhile, raised $194.8 million from a secondary offering of 28,230,000 common shares. An over-allotment option for an additional 8,006,700 common shares, if exercised, would also be fulfilled through secondary sales from existing shareholders.
Adding to the IPO, Agnico Eagle Mines Ltd. (TSX: AEM) entered into a concurrent private placement, subscribing for 8,696,000 common shares at the IPO price of $6.90 for approximately $60 million. This transaction is expected to increase Agnico Eagle's stake in Cadillac from its previous 9.7% (22.8 million shares) to about 11.09% (31.5 million shares) after the closing of both the IPO and the private placement. The closing of the Offering and the private placement are both anticipated around August 5, 2026.
Cadillac Mines, formerly known as Gold Candle Ltd., changed its name to reflect its growing presence along the Cadillac-Larder Lake Break. The company holds claims to property in Ontario, where its main Kerr-Addison gold mine is located, and Quebec. This IPO marks another significant metals-based listing in Canada, following other offerings like Amapa Minerals Holdings Inc.'s $140 million IPO.
