Goldcorp to buy Probe Mines for about $440 million

Mon Jan 19, 2015 7:23am EST
 
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TORONTO Jan 19 (Reuters) - Goldcorp Inc said on Monday it has agreed to buy Probe Mines Ltd in an all-stock deal that values the metals exploration company at C$526 million ($439 million), in a bid to win control of the Borden Gold project in northern Ontario.

Goldcorp has agreed to buy each share of Probe for 0.1755 common shares of Goldcorp. Based on Friday's closing price of Goldcorp's shares, the deal values each Probe share at C$5.00.

The deal offers Probe shareholders a 49 percent premium to the company's closing price of C$3.36 a share on Friday.

($1 = 1.1983 Canadian dollars) (Reporting by Euan Rocha; Editing by James Dalgleish)