Canadian gold miner Goldcorp Inc. (G.TO,GG) on Monday announced an agreement to acquire all of the outstanding common shares of Canplats Resources Corp. (CPQ.V) for about C$238 million. Following news, Canplats shares rose more than 38% in morning trade, nearly adjusting to the offer price, on the Canadian Venture Exchange.
As per the deal, each Canplats share will be exchanged for 0.074 of a common share of Goldcorp and a 90.1% interest in a new exploration company with a value of C$0.18 per share. Consequently, all the shares of the newly-incorporated company, other than a 9.9% equity interest to be retained by Goldcorp, will be distributed to Canplats shareholders.
The offer represents a combined value of C$3.60 per share or a premium of around 41% over the closing price of Canplats shares on Friday, November 13, 2009. The last reported sales price per share of Canplats' shares on the Canadian Venture Exchange, on November 13 was C$2.55 per share.
Following the acquisition, Vancouver-based Goldcorp would assume ownership of Canplats' Camino Rojo Project, located nearly 50 kilometres southeast of Goldcorp's Penasquito mine. Camino Rojo's inferred resources total 555,000 ounces of gold and 7,612,000 ounces of silver.
The transaction is expected to close in January 2010, and has been approved by the boards of directors of both companies. In the event of the transaction not being completed, Canplats has agreed to pay Goldcorp a termination fee equal to C$7.2 million, and certain other customary rights, including a right to match competing offers.
Chuck Jeannes, president and chief executive officer, Goldcorp said, "The acquisition of the Camino Rojo Project fits very well with one of our strategic goals of enhancing opportunities in and around our core assets. With the Penasquito mine achieving operational status as expected, we have accelerated our regional exploration and development initiatives in order to leverage our strong presence in this highly prospective district."
Canplats Resources engages in the acquisition, exploration, and development of mineral resource properties in Mexico. It explores primarily gold, silver, zinc, lead, and precious metals.
GMP Securities L.P., is acting as financial advisors for Goldcorp, while its legal advisors are Cassels Brock & Blackwell LLP in Canada and Neal, Gerber & Eisenberg LLP in the United States.
GG is currently trading at US$ 44.73, up US$ 0.66 or 1.50%, on a volume of 0.33 million shares on the NYSE. G.TO is trading at C$47.00, up C$0.79 or 1.51%, on a volume of 0.11 million shares on the TSX. CPQ.V is currently trading at C$3.54, up C$0.99 or 38.82%, on a volume of 0.20 million shares on the Canadian Venture Exchange.
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