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Vancouver's Goldcorp Inc. (TSX:G, NYSE:GG) plans to acquire Vancouver's Canplats Resources Corp. (TSX-V:CPQ) in an all-share deal worth approximately $238 million. The deal is part of the company's strategic plan to expand the number of mines and projects in and around existing core assets. Upon closing of the deal, expected in January 2010, Goldcorp will own the Camino Rojo project in Mexico, located approximately 50 kilometres southeast of Goldcorp's Penasquito mine. The 3,389-square-kilometre Camino Rojo project includes the Represa deposit, which has inferred resources of 555,000 ounces of gold and 7.6 million ounces of silver. Goldcorp's acquisition will be through a plan of arrangement with each Canplat share to be exchanged for 0.074 Goldcorp shares. The deal represents a 41% premium over the closing price of Canplat shares on Friday, November 13. Goldcorp plans to issue approximately 4.3 million shares, but the total number will be subject to adjustment depending on the number of options and warrants exercised under the plan of arrangement. GMP Securities LP acted as Goldcorp's financial adviser, while Cassels Brock and Blackwell LLP and Neal, Gerber and Eisenberg LLP were its legal advisers. Goldcorp's share price range during the past week: between $45.38 and $46.31; 52-week high:$47.12; 52-week low: $21.87. Canplat's share price range during the past week: between $2.40 and $2.55; 52-week high: $2.65; 52-week low: $1.03.
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