Transactions & Cases Detail



Transaction/Case Details

Goldcorp completes US$450M sale of Los Filos Mine

DATE CLOSED

April 7, 2017

BUSINESS SECTOR

Mining & Metals

LEAD OFFICE

Vancouver

VALUE

450 Million USD


OVERVIEW

On April 7, 2017, Goldcorp Inc. complete the sale of its Los Filos Mine in Mexico to Leagold Mining Corporation for aggregate consideration of approximately US$450 million. Pursuant to the terms of the transaction, Goldcorp received US$250 million in cash, an aggregate of 34,635,091 common shares of Leagold, representing 25.3% of Leagold's issued and outstanding common shares or approximately US$71 million, and a US$29 million short-term promissory note that is due upon the earlier of (i) 120 days from the closing of the transaction and (ii) the receipt by Leagold of approval from the Mexican competition commission of a subsequent tranche of its equity financing. Goldcorp also retained certain tax receivables worth approximately US$100 million. The Los Filos Mine is based in Guerrero State, Mexico and is one of Latin America’s largest gold mines.

Headquartered in Vancouver, British Columbia, Goldcorp is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines. Its common shares are listed on the TSX under the trading symbol “G” and on the New York Stock Exchange under the trading symbol “GG”.

Headquartered in Vancouver, British Columbia, Leagold Mining Corporation aims to build a new mid-tier gold producer with a focus on opportunities in Latin America. Leagold’s shares are listed on the TSX Venture Exchange under the trading symbol “LMC”.

McCarthy Tétrault represented Goldcorp on the transaction with a team consisting of partners Roger Taplin and Pavan Jawanda (Mining and M&A) and associates Patrick Deutscher, Ainslie Hurd and Robyn Cooper (Mining and M&A).