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VANCOUVER, March 5, 2014 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) is pleased to announce that it has entered into an agreement with a
syndicate of underwriters led by Canaccord Genuity Corp., pursuant to
which the underwriters have agreed to purchase from Goldcorp, on a
bought deal basis, 31,151,200 Common Shares of Primero Mining Corp. at
a price of C$7.20 per Common Share for aggregate gross proceeds
to Goldcorp of C$224 million. The offering represents the sale of
approximately 19.8% of the issued and outstanding shares of Primero and
immediately following the offering, Goldcorp will no longer own any
shares of Primero. Primero will not receive any proceeds from the
offering. The shares were acquired in connection with the sale of the
San Dimas mine in Mexico to Primero in August 2010.
"The divestiture of our Primero share position is consistent with our
long-term strategy of portfolio optimization," said Chuck Jeannes,
Goldcorp President and Chief Executive Officer. "We have valued our
association with Primero. We congratulate the team on their impressive
accomplishments and wish them every success in the future."
The offering is being made pursuant to a short form prospectus filed
with the securities regulators in each of the provinces and territories
of Canada, except Quebec.
The offering is scheduled to close on or about March 26, 2014 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the common shares in any jurisdiction. The common
shares offered have not yet been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
About Goldcorp
Goldcorp is one of the world's fastest growing senior gold producers.
Its low-cost gold production is located in safe jurisdictions in the
Americas and remains 100% unhedged.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 Section 21E of the United States Securities Exchange Act of
1934, as amended, Section 27A of the United States Securities Act of
1933, as amended and applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of Goldcorp Inc. ("Goldcorp"). Forward-looking statements
include, but are not limited to, statements with respect to the future
price of gold, silver, copper, lead and zinc, the estimation of mineral
reserves and resources, the realization of mineral reserve estimates,
the timing and amount of estimated future production, costs of
production, capital expenditures, 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
forward-looking terminology 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", "might" or "will be taken", "occur" or "be achieved" or the
negative connotation thereof.
Forward-looking statements are made based upon certain assumptions and
other important 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, 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 price
volatility, discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), activities by governmental authorities (including changes
in taxation), 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 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; environmental risks;
future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; mine development
and operating risks; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; risks related to indebtedness and the service of such
indebtedness, as well as those factors discussed in the section
entitled "Description of the Business - Risk Factors" in Goldcorp's
annual information form for the year ended December 31, 2012 available at www.sedar.com. 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. Forward-looking
statements 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 our operating environment. Goldcorp does not undertake to update any
forward-looking statements that are included in this document, except
in accordance with applicable securities laws.
SOURCE Goldcorp Inc.