Goldcorp to acquire Canplats Resources in $238 million deal

By The Canadian Press

VANCOUVER, B.C. - Goldcorp Inc. (TSX: G.TO) announced Monday it is acquiring Canplats Resources Corp. (TSXV: CPQ.V) in a deal valued at $238 million.

The deal will see Goldcorp assume ownership of Canplats' Camino Rojo project in Mexico, expanding its operations south of the border. Each Canplats share will be exchanged for 0.074 of a common Goldcorp share at $3.42 per share.

A new exploration company will also be created as part of the deal with 90.1 per cent of its shares distributed to Canplats' shareholders at a value of 18 cents per share.

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

The deal is expected to close in January 2010.

"We are extremely pleased to have reached an agreement with one of the world's largest and most respected gold producers," said Gordon Davis, Canplats' chief executive officer.

"The agreement provides our shareholders with immediate value and the prospect for future gains."

Canplats shares closed at $2.55 Friday on the TSX Venture exchange, while Goldcorp's shares stood at $46.25 Friday on the Toronto Stock Exchange.