Canplats Board Determines That Goldcorp Amending Offer Matches Penmont Proposal
December 24 2009 - 9:26AM
Marketwired
Canplats Resources Corporation (TSX VENTURE: CPQ) ("Canplats" or
the "Company") announces that it has received an offer from
Goldcorp Inc. ("Goldcorp") to match the proposal from Minera
Penmont, S. de R.L. de C.V. ("Penmont") for the acquisition by
Penmont of all of the outstanding common shares of Canplats which
was announced on December 22, 2009. The Board of Directors of
Canplats has determined, after receiving a recommendation to such
effect from its Special Committee and the advice of the financial
and legal advisors to the Company, that the acceptance by the
Company of Goldcorp's offer to amend the terms of the business
combination agreement between Canplats and Goldcorp originally
announced on November 16, 2009 (the "Goldcorp Agreement") would
result in the Penmont proposal not being a "superior proposal" for
the purposes of the Goldcorp Agreement. Accordingly, Canplats will
enter into an amended agreement with Goldcorp reflecting such
terms.
Under the amended transaction with Goldcorp, Canplats
shareholders would receive, for each Canplats common share, C$4.20
in cash and shares of a new exploration company with a notional
value of C$0.20. The new exploration company would hold C$10
million in cash and Canplats' Rodeo, El Rincon, Mecatona, Maijoma
and El Alamo Properties. The terms of the amended transaction with
Goldcorp match those under the Penmont proposal (including the
distribution of all of the shares of the new exploration company to
Canplats' securityholders). The proposed amended agreement with
Goldcorp includes a break fee, payable to Goldcorp in certain
circumstances, of C$9.3 million, which is the same as the break fee
under the Penmont proposal.
Canplats will issue further news releases providing additional
information as developments warrant, including information with
respect to the execution of any amended agreement with Goldcorp and
information relating to the meeting of securityholders of Canplats
currently scheduled for January 14, 2010 to consider the
transaction between Canplats and Goldcorp.
To receive Canplats' news releases, contact Blaine Monaghan,
Director, Investor Relations, at info@canplats.com or (866)
338-0047.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not
historical fact, such as statements regarding the economic
prospects of the company's projects, future plans or future
revenues, timing of development or potential expansion or
improvements, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995 and
forward-looking information under the provisions of Canadian
securities laws (collectively, "forward-looking statements"). Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from
estimated results. Such risks and uncertainties include, but are
not limited to, the company's ability to raise sufficient capital
to fund development, changes in economic conditions or financial
markets, changes in prices for the company's mineral products or
increases in input costs, litigation, legislative, environmental
and other judicial, regulatory, political and competitive
developments in Mexico, technological and operational difficulties
or inability to obtain permits encountered in connection with
exploration and development activities, labour relations matters,
and changing foreign exchange rates, all of which are described
more fully in the company's filings with the Securities and
Exchange Commission and on SEDAR. The company undertakes no
obligation to publicly update or otherwise revise any
forward-looking statements, whether as a result of new information,
future events or other factors, except as required by law. Readers
are cautioned not to place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Canplats Resources Corporation R.E. Gordon Davis
Chairman and C.E.O. Direct: (604) 629-8292 Canplats Resources
Corporation Bruce A. Youngman President and C.O.O. Direct:
(604)-629-8293 Canplats Resources Corporation Blaine Monaghan
Director, Investor Relations Direct: (604) 629-8294 or Toll-Free:
(866) 338-0047 info@canplats.com www.canplats.com G2 Consultants
Corporation (604) 742-9990 or NA Toll-Free: (866) 742-9990 (604)
742-9991 (FAX) canplats@g2consultants.com
Canplats Resources Corp Com Npv (TSXV:CPQ)
Historical Stock Chart
From May 2024 to Jun 2024
Canplats Resources Corp Com Npv (TSXV:CPQ)
Historical Stock Chart
From Jun 2023 to Jun 2024