Goldcorp Inc G:CA, Terrane Metals Corp TRX:CA, and Thompson Creek Metals Inc TCM:CA announced the completion of Goldcorp’s sale of its investment in Terrane to Thompson. Pursuant to the terms of the transaction, Goldcorp receives 13.9 million common shares of Thompson representing approximately 8% of Thompson’s issued and outstanding shares and $240.5 million in cash. Terrane shareholders are entitled to receive $0.90 in cash and 0.052 of a Thompson share per Terrane share. The total value of consideration paid to the shareholders of Terrane was approximately $700 million.
Thompson Creek Chairman/CEO Kevin Loughrey commented, “Today is a very special day for our Company and our shareholders as we complete our first major acquisition and evolve Thompson Creek from a pure molybdenum producer to a diversified base metals company. We are excited to begin construction of the Mt. Milligan project, which we expect will generate substantial growth in revenues for the Company when it is completed, as well as continue to advance our other development projects.”
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Thompson Creek Metals
by Ted Niles