Goldcorp (NYSE:GG) Pay $3.7-M for Stake in a Newly Formed Explorer

$GG

Canada’s GoldCorp (NYSE:GG) is investing $3.7-M to acquire a 14% interest in a newly formed Bold exploration company born Thursday from the merger of Matamec, Canada Strategic Metals and Sphinx Resources.

The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay area, bordering the provinces of Quebec and Ontario, where it will own three projects until now property of Sphinx.

The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay region, in Quebec.

The merger makes of QPM a well-capitalized company with a large land position and significant holdings in the highly prospective Eeyou Istchee James Bay region, Quebec, near Goldcorp’s Éléonore mine, the parties said in a statement.

Goldcorp, the world’s 3rd largest Gold bullion producer by market value, is expected to provide technical expertise and knowledge of the region, which holds high quality early stage exploration gold targets.

The deal provides Canada Strategic and Matamec shareholders with premiums of 41% and 32% respectively to the average price of their shares prior to the announcement.

“QPM, with quality gold exploration assets and a key shareholder, will be in a good position to attract additional growth opportunities,” the companies said.

Quebec Precious Metals’ headquarters will be in Montreal.

Have a terrific weekend.

  bullion, Canadian, Company, exploration, explorer, gg, Gold, goldcorp, Neutral

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Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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