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LeaGold Mining completes Los Filos gold-silver mine buy

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LeaGold Mining completes Los Filos gold-silver mine buy

LeaGold Mining Corp. completed the acquisition of Goldcorp Inc.'s Los Filos gold-silver mine in Mexico, the companies said in separate April 7 press releases.

LeaGold paid US$250 million in cash, issued US$71 million worth of its common shares and gave a US$29 million promissory note due 120 days from closing or when LeaGold receives the Mexican competition commission's approval on a subsequent tranche of its equity financing, whichever comes first. Goldcorp also retained certain tax receivables worth about US$100 million.

The share issue gave Goldcorp a 25.3% stake in LeaGold, which will be reduced to 22.9% upon completion of the subsequent tranche of LeaGold's equity financing.

Goldcorp CFO Russell Ball was added to Leagold's board, replacing Jay Sujir, who resigned concurrent to Ball's appointment.

LeaGold financed the deal through a US$200 million loan and equity investment by Orion Resources Partners and a US$133 million equity financing.