Canplats Resources Corp. (TSX-V:CPQ) has accepted a revised offer from Goldcorp to acquire the Vancouver-based mining exploration company.
Goldcorp will now buy Canplats for roughly $291 million, based on the fully diluted shares outstanding, up from its original bid valuing Canplats at $238 million.
Canplats' shares continued to rise on Christmas Eve in midday trading to $4.96 per share, up from Wednesday's close of $4.85. Canplats' shares rose 53% Wednesday following announcement of Minera Penmont's revised deal.
Under Goldcorp's amended offer, it will match Minera Penmont's proposal, which gave Canplats shareholders $4.20 in cash and shares of a new exploration company with a notional per-share value of $0.20. The new exploration company would hold $10 million in cash and Canplats' Rodeo, El Rincon, Mecatona, Maijoma and El Alamo properties.
Goldcorp's interest in Canplats revolves around the Camino Rojo project, located 50 kilometres southeast of Goldcorp's Penasquito mine. Camino Rojo's 3,389-square-kilometre land position includes the Represa deposit, which has inferred resources of 555,000 ounces of gold and 7.6 million ounces of silver.
Canplats' shares price range during the past week: between $3.15 and $4.85; 52-week high: $4.87; 52-week low: $1.49.
Goldcorp shares price range during the past week: between $40 and $42.14; 52-week high: $48.37; 52-week low: $29.08.