Cadillac Mines Raises C$385 Million in Upsized Toronto IPO

Cadillac Mines Corp. and its selling shareholders have raised C$385 million ($273 million) in an upsized initial public offering, marking a significant development in the mining-driven recovery of Canada's capital markets. The Toronto-based mineral exploration firm saw strong investor interest, allowing it to increase the offering from its initial target of approximately C$363 million.

Offering Details

According to a company statement from July 23, the offering was priced with common shares at C$6.90 each and special flow-through shares at C$9.52 apiece. The transaction was structured as follows:

• The company raised gross proceeds of approximately C$190 million from the sale of 18.8 million common shares and 6.3 million flow-through shares.
• Existing backers, or selling shareholders, raised roughly C$173 million by selling 28.2 million common shares, an increase from the 25.1 million originally planned.

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Strategic Investment and Trading Debut

In a concurrent transaction, Cadillac Mines secured a strategic investment from Agnico Eagle Mines Limited. Agnico Eagle subscribed for 8.7 million common shares at the C$6.90 offering price through a private placement, totaling approximately C$60 million in gross proceeds. This private placement is expected to close at the same time as the main offering.

Shares of Cadillac Mines are set to begin trading on the Toronto Stock Exchange (TSX) on Friday on an "if, as and when issued" basis under the ticker symbol CADY. The offering is expected to formally close on or about August 5, 2026, subject to customary closing conditions.