On March 31, 2006, Goldcorp Inc., the world's lowest cost and fastest growing multimillion ounce gold producer, completed the acquisition of the Éléonore gold project, an advanced exploration stage project in the James Bay region of Quebec, and Virginia Gold Mines Inc. for US$420 million in Goldcorp common shares.
In connection with the transaction, shareholders of Virginia received 0.4 of a Goldcorp common share and 0.5 of a share in a new public exploration company (New Virginia) for each Virginia share. Virginia, which holds the Éléonore project, was acquired by Goldcorp. New Virginia retained all other assets of Virginia, including its non-Éléonore exploration assets and a sliding scale 2 per cent net smelter return royalty on the Éléonore project.
Goldcorp was represented by Cassels Brock & Blackwell LLP with a team that included Mark Bennett and Jennifer Traub (securities) and Chris Norton (tax). Virginia Gold Mines was represented by Pothier Valiquette with a team that included Marc Pothier and Frank Mariage.
In connection with the transaction, shareholders of Virginia received 0.4 of a Goldcorp common share and 0.5 of a share in a new public exploration company (New Virginia) for each Virginia share. Virginia, which holds the Éléonore project, was acquired by Goldcorp. New Virginia retained all other assets of Virginia, including its non-Éléonore exploration assets and a sliding scale 2 per cent net smelter return royalty on the Éléonore project.
Goldcorp was represented by Cassels Brock & Blackwell LLP with a team that included Mark Bennett and Jennifer Traub (securities) and Chris Norton (tax). Virginia Gold Mines was represented by Pothier Valiquette with a team that included Marc Pothier and Frank Mariage.
