Probe Metals starts trading on the TSX-V
TORONTO (miningweekly.com) – After closing the plan of arrangement that saw gold major Goldcorp acquire explorer Probe Mines last week, a new exploration company Probe Metals started trading on the TSX-V on Tuesday under the ticker PRB.
Goldcorp bought Probe in an all-scrip deal, which valued the company at about C$526-million, in a bid to win control of the Borden gold project, in northern Ontario.
In addition to being issued 13.26-million Goldcorp shares, Probe shareholders were also issued with 31.37-million shares in a new exploration company – Probe Metals – which held Probe's mineral properties in the Ring of Fire (RoF), in Northern Ontario, as well as C$15-million in cash and certain other assets currently owned by Probe.
Goldcorp retained about 19.7% in the new company.
Probe Metals on Tuesday said it would continue to acquire and grow high-quality projects through effective exploration and development. Probe Metals' portfolio of properties currently included a 100% interest in the Black Creek chromite deposit, located in the still-latent RoF.
The new explorer would operate under the leadership of chairperson Jamie Sokalsky, a previous president and CEO of the world's largest gold producer by volume Barrick Gold, and president and CEO Dr David Palmer, who was part of the team that discovered the multimillion-ounce Borden project.
Probe Metals’ stock opened for trading on Tuesday at C$0.35 apiece and gained a morning high of C$0.44 a share before noon.
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