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Stock Market & Financial Investment News

News Breaks
February 5, 2014
05:10 EDTGGGoldcorp says Osiko allegations are without merit
Goldcorp refuted allegations made in a Claim filed in Superior Court of Quebec by Osisko Mining on January 29 alleging improper activities related to Goldcorp's Offer to acquire all of the outstanding shares of Osisko. Goldcorp denies the validity of statements made by Osisko representatives that a verbal agreement was reached to extend an expired standstill provision included in a confidentiality agreement between the two companies signed on October 16, 2012. Further, statements made by Osisko representatives in the Claim clearly contradict statements made in the Osisko Directors' Circular dated January 24, 2014 with respect to Osisko's understanding of its obligations and rights under the 2012 confidentiality agreement. Chuck Jeannes, Goldcorp president and CEO, said, "We are disappointed that Osisko has resorted to baseless legal claims that serve only to delay a proper bid process and distract Osisko shareholders from the compelling value that Goldcorp's Offer represents. Osisko has had time to explore all reasonable value-maximizing alternatives and it seems to have chosen instead to try to deny its shareholders the opportunity to tender. A significant number of Goldcorp and Osisko shareholders continue to express support for this transaction and we believe that the best opportunity to maximize the value of the Canadian Malartic mine is within Goldcorp's mine portfolio. To this end we would encourage Osisko to expand its value-maximizing process to include Goldcorp by extending diligence access to us." The Superior Court of Quebec confirmed the timeline of the legal proceedings filed by Osisko last week. The hearing is set for March 3-5, 2014. Goldcorp provided an undertaking to the court to not take up and pay for Osisko shares tendered under the Offer until receipt of judgement following the hearing; accordingly Goldcorp intends to extend the Offer on February 19, 2014 to on March 10, 2014.
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August 27, 2015
08:05 EDTGGNew Gold to sell El Morro Interest to Goldcorp for $90M and 4% gold stream
New Gold (NGD) has entered into an agreement with Goldcorp (GG) to sell New Gold's 30% interest in the El Morro project to Goldcorp in exchange for $90M in cash, a 4% stream on gold production from the El Morro property and the cancellation of New Gold's $93M carried funding loan. The $90M are to be paid at closing of the transaction, expected to be in Q4. The 4% stream is on life-of-project gold production from the 417 square kilometre El Morro property, with currently estimated gold mineral reserves of 599M tons at an average gold grade of 0.46 g/T, totalling 8.9M oz. New Gold will pay a fixed $400/oz. on the first 217K ounces of gold delivered as part of the stream. New Gold will no longer be obligated to repay the $93M in debt that Goldcorp funded on the company's behalf. Goldcorp and Teck Resources (TCK) plan to combine their respective El Morro and Relincho projects into a 50/50 joint venture with the interim name of Project Corridor. Goldcorp and Teck are expecting to commence a Pre-Feasibility Study in early 2016 which should be completed 12 to 18 months thereafter.
08:03 EDTGGGoldcorp, Teck Resources combine El Morro, Relincho projects in Chile
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