Goldcorp Announces Investment in Probe Metals
OREANDA-NEWS. GOLDCORP INC. (TSX: G, NYSE: GG) (the "Company") announces that it has entered into an agreement with Probe Metals Inc. ("Probe Metals"), pursuant to which the Company has agreed to subscribe for 4,400,000 common shares (the "Probe Metals Shares") in the capital of Probe Metals at a price of $0.66 per share for an aggregate subscription price of $2,904,000 (the "Private Placement"). The 4,400,000 Probe Metals Shares represent approximately 12.6% of the current issued and outstanding Probe Metals Shares. The acquisition of the Probe Metals Shares is conditional on the closing of the acquisition of Adventure Gold Inc. by Probe Metals (the "Transaction").
The Probe Metals Shares trade on the TSX Venture Exchange under the symbol "PRB", and the Probe Metals Shares will be issued from treasury pursuant to a private placement. Goldcorp currently owns 6,177,846 Probe Metals Shares (17.7% of the current issued and outstanding Probe Metals Shares) and has the right to acquire ownership of 4,400,000 Probe Metals Shares pursuant to the Private Placement, which will result in ownership of an aggregate of 10,577,846 Probe Metals Shares, representing approximately 30.3% of the current issued and outstanding Probe Metals Shares. Following completion of the Private Placement and the Transaction, Goldcorp will own an aggregate of 10,577,846 Probe Metals Shares, representing approximately 15% of the issued and outstanding Probe Metals Shares. The Probe Metals Shares are being acquired for investment purposes. Goldcorp will evaluate its investment in Probe Metals from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings as circumstances require.
Goldcorp is a leading gold producer focused on responsible mining practices with safe, low-cost production throughout the Americas. A portfolio of long-lived, high-quality assets positions Goldcorp to deliver long-term value.