Business
Penmont Proposes to Acquire C
Penmont Proposes to Acquire C.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 6158E Fresnillo PLC 23 December 2009 \n \nDecember 23, 2009 \n\nPenmont Proposes to Acquire Canplats Resources Corporation for C$4.40 per Share\n\nLondon, Mexico City; December 23, 2009 - Fresnillo plc announces that Minera Penmont S. de R. L. de C.V., its 56% owned joint venture with Newmont Mining Corporation (44%), has submitted a binding proposal to Canplats Resources Corporation for the acquisition of all of the common shares of Canplats for C$4.40 per share.\nUnder the terms of the proposal Canplats shareholders would receive, for each Canplats share, C$4.20 in cash and a share in a new exploration company with a notional value of C$0.20. \nThe proposal by Minera Penmont follows the announcement in November that Canplats had entered into an agreement with Goldcorp Inc. (the \"Goldcorp Agreement\") for the acquisition by Goldcorp of all of the Canplats common shares.\nCanplats has disclosed that its Board of Directors has determined, after receiving a recommendation to such effect from its Special Committee and the advice of the financial and legal advisors to the Company, that the proposed agreement with Penmont is a \"superior proposal\" for the purposes of the Goldcorp Agreement and has provided notice of such determination to Goldcorp.\nThe consideration that would be received by Canplats shareholders were the Minera Penmont proposal to be implemented by Canplats represents a premium of 84% to the 20-day volume weighted average trading price of the Canplats common shares on the TSX Venture Exchange prior to the announcement by Canplats that it had entered into the Goldcorp Agreement and a premium of 38% to the implied value of the proposed Goldcorp transaction based on the closing price of the common shares of Goldcorp on the Toronto Stock Exchange on December 22, 2009.\nCanplats' main focus is the development of Camino Rojo, a new gold and polymetallic discovery in Zacatecas state, Mexico. The 339,000 hectare (1,309 square mile) project is wholly-owned by Canplats. The Represa deposit at Camino Rojo hosts 3.44 million ounces gold and 60.7 million ounces silver in measured and indicated resources with additional inferred resources of 0.55 million ounces gold and 7.6 mil...