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Goldcorp (GG) to Acquire 19.9% Stake in Independence Gold
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Goldcorp Inc. declared that it has inked a deal to purchase 10,884,880 common shares of Independence Gold Corp. at a price of C$0.1333 per share. The total purchase price will be C$1,450,954.50. The 10,884,880 shares represent about 19.9% of Independence Gold’s current issued and outstanding shares.
The shares will be issued from treasury, pursuant to a donation arrangement private placement. Goldcorp did not hold any shares of Independence Gold before the completion of the private placement. Once the private placement is complete, the company will own 10,884,880 shares.
These shares are being acquired for the purpose of investment. Goldcorp will evaluate its investment in Independence Gold at regular intervals. Based on the evaluation of market conditions and other circumstances, it may increase or decrease its shareholdings.
In May 2016, Goldcorp signed a deal with Kaminak Gold Corporation and agreed to acquire all of the outstanding shares of Kaminak by way of a plan of arrangement. The total consideration offered for all of Kaminak's outstanding shares is roughly C$520 million. The transaction is expected to close by Aug 15, 2016.
Goldcorp, which is among the top gold producers, along with Barrick Gold , Newmont (NEM - Free Report) and Kinross Gold (KGC - Free Report) , reported a profit of $80 million or 10 cents per share for first-quarter 2016 versus a net loss of $87 million or 11 cents per share logged a year ago, aided by reduced costs. Adjusted earnings (excluding one-time items) for the quarter came in at 9 cents per share, beating the Zacks Consensus Estimate of 4 cents. Adjusted loss excludes one-time items, including positive deferred tax effects of foreign exchange on tax assets and liabilities and restructuring costs.
The company posted revenues of $944 million in the reported quarter, down around 7.2% year over year. Revenues, however, beat the Zacks Consensus Estimate of $930 million.
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Goldcorp (GG) to Acquire 19.9% Stake in Independence Gold
Goldcorp Inc. declared that it has inked a deal to purchase 10,884,880 common shares of Independence Gold Corp. at a price of C$0.1333 per share. The total purchase price will be C$1,450,954.50. The 10,884,880 shares represent about 19.9% of Independence Gold’s current issued and outstanding shares.
The shares will be issued from treasury, pursuant to a donation arrangement private placement. Goldcorp did not hold any shares of Independence Gold before the completion of the private placement. Once the private placement is complete, the company will own 10,884,880 shares.
These shares are being acquired for the purpose of investment. Goldcorp will evaluate its investment in Independence Gold at regular intervals. Based on the evaluation of market conditions and other circumstances, it may increase or decrease its shareholdings.
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In May 2016, Goldcorp signed a deal with Kaminak Gold Corporation and agreed to acquire all of the outstanding shares of Kaminak by way of a plan of arrangement. The total consideration offered for all of Kaminak's outstanding shares is roughly C$520 million. The transaction is expected to close by Aug 15, 2016.
Goldcorp, which is among the top gold producers, along with Barrick Gold , Newmont (NEM - Free Report) and Kinross Gold (KGC - Free Report) , reported a profit of $80 million or 10 cents per share for first-quarter 2016 versus a net loss of $87 million or 11 cents per share logged a year ago, aided by reduced costs.
Adjusted earnings (excluding one-time items) for the quarter came in at 9 cents per share, beating the Zacks Consensus Estimate of 4 cents.
Adjusted loss excludes one-time items, including positive deferred tax effects of foreign exchange on tax assets and liabilities and restructuring costs.
The company posted revenues of $944 million in the reported quarter, down around 7.2% year over year. Revenues, however, beat the Zacks Consensus Estimate of $930 million.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>