Canplats receives superior takeover bid from Minera Penmont

The Canadian Press ~ The News
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VANCOUVER - Goldcorp. Inc. (TSX:G) has until the end of the month to decide whether it will match a competitor's $254-million bid for Canplats Resources Corp. (TSXV:CPQ), which is developing a gold and silver resource in Mexico.
Canplats' board said late Tuesday that Goldcorp's friendly takeover offer had been topped by a " financially superior proposal" from Minera Penmont, which is offering a combination of cash and shares of a new mining company.
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.
Goldcorp, which offered $238 million for Canplats in mid-November, has until Dec. 31 to respond.
The Vancouver-based company said Wednesday it was considering its position and its matching right and would update the market of further developments.
Goldcorp noted that the Penmont proposal would be of no further effect if it exercised its right to match the superior offer.
If it cannot beat Penmont's bid, Canplats said it will pay Goldcorp an agreed termination payment of $7.2 million.
The new exploration company resulting from the deal would hold $10 million in cash, as well as Canplats" Rodeo, El Ricon, Mecatona, Maijoma and El Alamo properties. All shares of the new company would be distributed to Canplats' security holders.
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: Goldcorp, TSX, Canplats Resources Corp. CPQ Fresnillo PLC LSE Newmont Mining NYSE

Geographic location: Mexico, VANCOUVER, El Alamo Sonora

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