VANCOUVER, July 19, 2016 /CNW/ - Goldcorp Inc.
("Goldcorp") (TSX: G, NYSE: GG) is pleased to announce the closing
of the previously announced acquisition of Kaminak Gold Corporation
("Kaminak") (TSX-V: KAM) by way of a court-approved plan of
arrangement (the "Arrangement").
"The acquisition of Kaminak and its Coffee project in the
Yukon is consistent with our
strategy of populating our asset pipeline with opportunities that
are accretive to net asset value per share," said David Garofalo, Goldcorp President and Chief
Executive Officer. "With a large, geologically prospective
land package in a mining friendly jurisdiction, the Coffee project
has the potential to grow into a camp to deliver long-term
significant sustainable value for our partners and
stakeholders. Kaminak has done an excellent job engaging with
First Nations throughout the initial exploration phases, which will
serve as a solid foundation for us to build upon as the project
enters the next phase of development."
Pursuant to the Arrangement, Goldcorp acquired all of the issued
and outstanding common shares of Kaminak for consideration of
0.10896 of a common shares of Goldcorp for each outstanding Kaminak
share. Goldcorp now owns 100% of the outstanding Kaminak
shares. On closing of the Arrangement, Goldcorp issued an
aggregate of 20,997,312 Goldcorp Shares to former Kaminak
shareholders, including former holders of Kaminak options, who now
hold approximately 2.5% of the 853,398,240 Goldcorp Shares issued
and outstanding, on an undiluted basis.
The Kaminak shares are expected to be delisted from the TSX
Venture Exchange on or about July 20,
2016.
Full details of the Arrangement and certain other matters are
set out in the management information circular of Kaminak dated
June 7, 2016 (the "Information
Circular"). A copy of the Information Circular and the early
warning report filed by Goldcorp in connection with the purchase of
the Kaminak shares can be found under Kaminak's profile on SEDAR at
www.sedar.com or by contacting Goldcorp at the number shown
below. The purpose of the Arrangement was to acquire all of
the issued and outstanding Kaminak shares.
Kaminak shareholders who have questions or who may need
assistance with the completion of letters of transmittal are
advised to contact CST Trust Company, the depository for the
Arrangement, at: North American Toll Free: 1-800-387-0825 Email:
inquiries@canstockta.com.
About Goldcorp
Goldcorp is a senior gold producer focused on responsible mining
practices with safe, low-cost production from a high-quality
portfolio of mines.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the United States Exchange Act of
1934, as amended, or the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
under the provisions of applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of Goldcorp. Forward-looking statements include, but are
not limited to, statements with respect to the anticipated benefits
of the acquisition of Kaminak to Goldcorp, the development of the
Coffee project, future price of gold, silver, copper, lead and
zinc, the estimation of mineral reserves and mineral
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
targeted cost reductions, capital expenditures, free cash flow,
costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, hedging practices,
currency exchange rate fluctuations, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, timing and possible
outcome of pending litigation, title disputes or claims and
limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "should",
"might" or "will", "occur" or "be achieved" or the negative
connotation thereof.
Forward-looking statements are necessarily based upon a number
of factors that, if untrue, could cause the actual results,
performances or achievements of Goldcorp to be materially different
from future results, performances or achievements expressed or
implied by such statements. Such statements and information are
based on numerous assumptions regarding present and future business
strategies and the environment in which Goldcorp will operate in
the future, including the price of gold and other by-product
metals, anticipated costs and ability to achieve goals. Certain
important factors that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
statements include, among others, gold and other by-product metals
price volatility, discrepancies between actual and estimated
production, mineral reserves and mineral resources and
metallurgical recoveries, mining operational and development risks,
litigation risks, regulatory restrictions (including environmental
regulatory restrictions and liability), changes in national and
local government legislation, taxation, controls or regulations
and/or change in the administration of laws, policies and
practices, expropriation or nationalization of property and
political or economic developments in Canada, the United
States and other jurisdictions in which Goldcorp does or may
carry on business in the future, delays, suspension and technical
challenges associated with capital projects, higher prices for
fuel, steel, power, labour and other consumables, currency
fluctuations, the speculative nature of gold exploration, the
global economic climate, dilution, share price volatility,
competition, loss of key employees, additional funding requirements
and defective title to mineral claims or property. Although
Goldcorp believes its expectations are based upon reasonable
assumptions and has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of
Goldcorp to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
risks related to the integration of acquisitions; risks related to
international operations including economic and political
instability in foreign jurisdictions in which Goldcorp operates;
risks related to current global financial conditions; risks related
to joint venture operations; actual results of current exploration
activities; actual results of current reclamation activities;
environmental risks; conclusions of economic evaluations; changes
in project parameters as plans continue to be refined; future
prices of gold and other by-product metals; possible variations in
ore reserves, grade or recovery rates; failure of plant, equipment
or processes to operate as anticipated; risks related to the
integration of acquisitions; accidents, labour disputes; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities and other risks of the
mining industry, as well as those factors discussed in the section
entitled "Description of the Business – Risk Factors" in Goldcorp's
most recent annual information form available on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov. Although Goldcorp has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The
forward-looking statements contained herein are made as of the date
hereof and, accordingly, are subject to change after such date.
Except as otherwise indicated by Goldcorp, these statements do not
reflect the potential impact of any non-recurring or other special
items or of any dispositions, monetizations, mergers, acquisitions,
other business combinations or other transactions that may be
announced or that may occur after the date hereof. Forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of Goldcorp's
operating environment. Goldcorp does not intend or undertake to
publicly update any forward-looking statements that are included in
this document, whether as a result of new information, future
events or otherwise, except in accordance with applicable
securities laws.
SOURCE Goldcorp Inc.