Canplats receives superior takeover bid from Minera Penmont

The Canadian Press ~ The News
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VANCOUVER - Canplats Resources Corp. (TSXV:CPQ) has received a $254-million acquisition offer from Minera Penmont that's "financially superior" to an earlier takeover bid from major gold producer Goldcorp. Inc. (TSX:G).
Goldcorp offered $238 million for Canplats in mid-November. Under its agreement with Canplats, the Vancouver-based company has until Dec. 31 to respond.
If it cannot beat Penmont's bid, Canplats said it will pay Goldcorp an agreed termination payment of $7.2 million.
Penmont, jointly owned by Fresnillo PLC (LSE:FRES) and Newmont Mining Corp. (NYSE:NEM) is offering $4.20 cash and shares of a new exploration company with a notional value of 20 cents, for each Canplats share.
Canplats shares closed Tuesday at $3.15 on the TSX Venture Exchange.
The new exploration company resulting from the deal would hold $10 million in cash, as well as Caplats' Rodeo, El Ricon, Mecatona, Maijoma and El Alamo properties. All shares of the new company would be distributed to Canplats' security holders.
Canplats' board said late Tuesday that Penmont's offer was a "superior proposal."
Canplats' main focus is the development of the Camino Rojo discovery in Mexico. The Represa deposit at Camino Rojo hosts 3.44 million ounces of gold and 60.7 million ounces of silver on a measured and indicated resources basis.
Penmont owns the operating Herradura mine and the nearly complete Soledad and Dipolos project, both located in Sonora, Mexico.

Organizations: Canplats Resources Corp., Goldcorp, TSX CPQ Fresnillo PLC LSE Newmont Mining NYSE

Geographic location: VANCOUVER, Mexico, El Alamo Sonora

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