$356M Gold Equity Offering

In October, Merrill Lynch Canada Inc., CIBC World Markets Inc. and TD Securities Inc. and their U.S. affiliates completed an underwritten cross-border offering of Cyprus Amax Minerals Company’s 30% interest in Kinross Gold Corporation. The $356 million secondary common share offering is one of the largest gold equity offerings ever completed in North America. The common shares were offered in Canada and the US using the Canada/U.S. securities regulators’ multi-jurisdictional disclosure system. The deal was complicated by the cross-border aspects of the transaction, the volatile price of gold as well as the pending merger of Cyprus and Phelps Dodge Corporation.

Blake, Cassels & Graydon advised the underwriters. Geoff Belsher in Vancouver and Sheila Murray in Toronto led the Blakes team and were assisted by Bill Maclagan (tax) and Joyce McGuiney. Brown & Wood LLP of New York acted as US counsel to the underwriters. Cassels Brock & Blackwell were counsel to Kinross and were led by Cameron Mingay and Jeff Roy who were assisted by Richard Wyruch. Cravath, Swaine & Moore of New York were US Counsel to Kinross. Neil Sheehy and Tammy Cadsby of Goodman Philips & Vineberg in Toronto represented Cyprus. Davis Graham & Stubbs of Denver were US counsel to Cyprus.