Goldcorp has received more than US$450 million
in connection with the early exercise of
warrants. These proceeds will be used
to repay credit facilities drawn down to
fund the previously completed acquisition
of certain assets of Placer Dome Inc. from
Barrick Gold Corporation.
Since more than two-thirds of each series
of warrants have been exercised, any
warrants that have not been exercised
will be automatically exchanged for
a lesser number of common shares and
new warrants based on the fractions
set forth in the table below:
Series of Warrants
|
|
Underlying Common Shares
or Fraction thereof to be
Received on Automatic Exchange
of each Warrant
|
|
Fraction of a New Warrant
to be Received on Automatic
Exchange of each Warrant
|
|
|
|
|
|
First Warrants
|
|
1.425
|
|
0.220
|
|
|
|
|
|
Series A Warrants
|
|
0.196
|
|
0.005
|
|
|
|
|
|
Series B Warrants
|
|
0.148
|
|
0.040
|
|
|
|
|
|
Series C Warrants
|
|
0.196
|
|
0.005
|
|
|
|
|
|
U.S. Dollar Warrants
|
|
1.170
|
|
0.160
|
This exchange will be made pursuant
to the terms of the respective warrant
indentures which govern the warrants
and no further action of those warrantholders
will be required, including payment
of the respective warrant exercise price
thereof or any other additional consideration.
Each whole new warrant issued by Goldcorp
entitles the holder to purchase one
common share of Goldcorp at an exercise
price of Cdn$45.75 at any time before
5:00 p.m. (Vancouver time) on June 9,
2011. The new warrants will begin
trading on the Toronto Stock Exchange
and the New York Stock Exchange at the
open on June 12, 2006 under the symbols
G.WT.G and GGWS, respectively.
The First Warrants, Series A Warrants,
Series B Warrants, Series C Warrants
and U.S. Dollar Warrants were de-listed
from the Toronto Stock Exchange effective
at the close on June 9, 2006 and the
Series A Warrants and Series C Warrants
were de-listed from the New York Stock
Exchange effective at the close on June
9, 2006.
Ian Telfer, President and Chief Executive
Officer commented on the warrant transaction
stating, “This warrant transaction has
been a resounding success as evidenced
by an average of 97% across all five
series of warrants being exercised.
It simplifies Goldcorp’s capital structure
and strengthens its financial position.
As a result of this transaction, Goldcorp’s
lines of credit outstanding will be
reduced from US$1.3 billion to US$850
million.”
A copy of the final short form prospectus
dated May 5, 2006 relating to the warrant
transaction can be found at
www.sedar.com as well as on Goldcorp’s
website at www.goldcorp.com.
BMO Nesbitt Burns Inc. and GMP Securities
L.P. acted as financial advisors to
Goldcorp with respect to the transaction.
This press release shall not constitute
an offer to sell or the solicitation
of an offer to buy nor shall there be
any sale of these securities in any
state in which such offer, solicitation
or sale would be unlawful prior to registration
or qualification under the securities
laws of any such state.
Goldcorp is the world’s lowest cost
multi-million ounce gold producer.
Annualized gold production in 2006 is
expected to be approximately 2 million
ounces at a cash cost of approximately
US$125 per ounce and Goldcorp does not
hedge its gold production.
Goldcorp to list 8,681,631 warrants
June 12
2006-06-08 20:09 ET - Warrants Called
to Trade
TSX bulletin 2006-0724
Further to the Toronto Stock Exchange
bulletin No. 2006-0660 dated May 29,
2006,
up to 8,681,631 common share purchase
warrants of Goldcorp Inc. will be listed
at
the open on Monday, June 12, 2006, under
the following trading information:
Warrant symbol: G.WT.G
Warrant Cusip No.: 380956 17 7
Designated market-maker: National
Bank Financial Inc.
Other markets: It is expected
that the new warrants will be listed
on the New York
Stock Exchange
Each new warrant will entitle the holder
to purchase one common share of the
company at a price equal to 150 per
cent of the volume weighted average
trading
price of the common shares on the TSX
for the five trading days ending on
June 9,
2006, rounded to the nearest 25 cents,
at any time before 5 p.m. (Vancouver
time)
on June 9, 2011. The new warrants will
be issued to holders of any of the first
warrants (TSX: G.WT), Series A warrants
(TSX: G.WT.A), Series B warrants (TSX:
G.
WT.B), Series C warrants (TSX: G.WT.C)
and United States dollar warrants (TSX:
G.
WT.U) exercising their old warrants
during the early exercise period as
an incentive
for holders of old warrants to participate
in the offer by the company to exercise
existing old warrants on or before June
9, 2006, under their existing terms,
to
receive, in addition to the common shares
they are entitled to, a fraction of
a new
warrant for each series of warrants
exercised during the early exercise
period.
The new warrants will be governed by
the terms of a warrant indenture dated
May 5,
2006, between the company and CIBC Mellon
Trust Co., as warrant agent. The
warrant indenture provides for appropriate
adjustments to the rights of the holders
of
new warrants in the event of stock dividends,
subdivisions, consolidations and other
forms of capital reorganization.
For each series of warrants where greater
than 66-2/3 per cent of warrantholders
have properly exercised during the early
exercise period, each holder of old
warrants
of record as at the close on Friday,
June 9, 2006, who has not exercised
its old
warrants will be mailed on or about
June 16, 2006, a certificate representing
the
new warrants and a certificate representing
common shares of the company, to
which it is entitled, as set out in
the bulletin. In this case certificates
representing old
warrants will become void and of no
value.
No certificates representing fractional
new warrants or fractional common shares
will be issued.
Should fewer than 66-2/3 per cent of
any series of warrants be exercised
on or prior
to 5 p.m. (Vancouver time) on June 9,
2006, the trading of any such series
of
warrants will continue on the TSX at
the open on Monday, June 12, 2006, under
the
current trading information for each
such series of warrants. The TSX will
issue a
trader note before the open on June
12, 2006, announcing:
1.
the exercise price of the new warrants;
2.
the number of new warrants to be posted
for trading;
3.
the continuation of trading of each
series of warrants where fewer than
66-2/3
per cent of the series of warrants were
exercised during the early exercise
period, if
any; and
4.
the subsequent delisting of any series
of warrants (which will be halted from
trading at noon on June 9, 2006, as
per TSX bulletin 2006-0660) where greater
than
66-2/3 per cent of any such series of
warrants were exercised during the early
exercise period.