JOHANNESBURG (miningweekly.com) – TSX-listed Goldcorp has closed the acquisition of Kaminak Gold Corporation through a court-approved plan of arrangement, receiving all issued and outstanding shares, with 0.10896 common shares of Goldcorp being exchanged for each outstanding Kaminak share.
"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," says Goldcorp CEO David Garofalo.
He adds that, with a large, geologically prospective land package in a mining-friendly jurisdiction, the Coffee project has the potential to grow into a camp that will deliver long-term significant sustainable value for Goldcorp’s 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 on as the project enters the next phase of development."
On closing the arrangement, Goldcorp issued an aggregate of 20.9-million Goldcorp shares to former Kaminak shareholders, including former holders of Kaminak options, who now hold 2.5% of the 853-million Goldcorp shares, issued and outstanding, on an undiluted basis.