Goldcorp to acquire Canplats Resources for $228M

AP News
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Posted: Nov 16, 2009 11:00 AM

Goldcorp Inc. says it is acquiring mining company Canplats Resources Corp. in a deal valued at 238 million Canadian dollars ($228 million).

The gold producer, based in Vancouver, British Columbia, said Monday it will assume ownership of Canplats' Camino Rojo project in Mexico, expanding its operations there.

Goldcorp also said a new exploration company will be created with 90.1 percent of its shares distributed to Canplats' shareholders at a value of 18 Canadian cents per share.

The new company will hold CA$10 million ($9.57 million) in cash and Canplats' existing interests in precious and base metal projects in Mexico. A 9.9 percent equity interest in the company will be held by Goldcorp.

The deal is expected to close in January 2010.