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Goldcorp invests C$1M in Central Timmins Exploration, buys 'noncore' claims

Goldcorp Inc. bought a 9.74% stake in Central Timmins Exploration Corp. for C$1 million and agreed to buy some of the junior's mineral claims for C$258,624.

Central Timmins said Dec. 21 that the nine claims covering 327 acres in Ontario's Deloro Township were "noncore." The company has a number of projects in the region, including the early-stage Timmins and Race Track gold properties.

The investment comprised a nonbrokered private placement of 5 million shares priced at 20 Canadian cents apiece on a flow-through basis, structured as a charity donation arrangement with Goldcorp acquiring the shares as a back-end purchaser.

Goldcorp and Central Timmins entered into a concurrent investor rights agreement, with Goldcorp securing the right to maintain its interest in the explorer at up to 9.9%.