Gold Wheaton completes FNX transaction



    VANCOUVER, July 15 /CNW/ - Gold Wheaton Gold Corp. ("Gold Wheaton",
formerly known as Kadywood Capital Corp.) (TSX-V: GLW) is pleased to announce
that it has completed its previously announced transaction with FNX Mining
Company Inc. ("FNX"). Pursuant to the FNX transaction, Gold Wheaton agreed to
purchase 50% of the contained gold, platinum and palladium in ore mined and
shipped from certain of the existing mining operations wholly-owned by FNX
located in northern Ontario for an upfront payment of Cdn$400 million,
comprised of Cdn$175 million in cash, 350 million Gold Wheaton common shares
and a deferred payment of Cdn$50 million in Gold Wheaton warrants, shares or
cash to be satisfied in six months, plus a payment of the lesser of US$400 per
gold equivalent ounce purchased, subject to adjustment, and the then
prevailing market price per ounce of gold. The common shares of Gold Wheaton
issued to FNX are subject to a statutory hold period which expires on
November 16, 2008. They are also subject to escrow pursuant to the policies of
the TSX Venture Exchange, 87.5 million shares being released immediately upon
closing of the FNX transaction and the balance of 262.5 million shares to be
released in equal instalments of 87.5 million in six, 12 and 18 months.
    The gross proceeds of Cdn$260 million raised in connection with the
private placement of Gold Wheaton subscription receipts, completed on July 8,
2008 and arranged through a syndicate of agents that included Paradigm Capital
Inc., as lead agent, together with Canaccord Capital Corporation and GMP
Securities L.P., as co-bookrunners, and including BMO Capital Markets and
Brant Securities Limited, were released from escrow upon completion of the FNX
transaction. The Cdn$175 million cash payment made by Gold Wheaton in
connection with the FNX transaction was funded from the proceeds of the
private placement of subscription receipts. The remaining proceeds will be
used to partially finance the previously announced Redcorp transaction and for
working capital purposes. Each of the 520 million outstanding subscription
receipts will be automatically exercised on July 21, 2008, without payment of
additional consideration, into one common share and one-half of one common
share purchase warrant of Gold Wheaton. Each whole warrant is exercisable into
one common share of Gold Wheaton at a price of Cdn$1.00 until July 8, 2013.
These securities are all subject to a statutory hold period which expires on
November 9, 2008.
    Upon closing of the FNX transaction, David Cohen, Frank Giustra, Terry
MacGibbon and Francesco Aquilini were appointed as the new directors of Gold
Wheaton, two of whom are independent and unrelated directors. David Cohen was
appointed as Chairman and Chief Executive Officer of Gold Wheaton and Kathleen
Butt was appointed as Chief Financial Officer of Gold Wheaton.
    In conjunction with the closing of the FNX transaction, Kadywood Capital
Corp. changed its name to Gold Wheaton Gold Corp. and Gold Wheaton commenced
trading on Tier 1 of the TSX Venture Exchange under the symbol "GLW".
    Following the completion of the FNX transaction and the automatic
exercise of the previously issued subscription receipts, Gold Wheaton will
have outstanding approximately 928 million common shares, approximately
291.5 million common share purchase warrants and 18 million stock options.
Pursuant to this transaction, FNX has acquired ownership of approximately 38%
of the issued and outstanding common shares of Gold Wheaton (on a non-diluted
basis). FNX's principal office is located at 145 King Street West, Suite 1500,
Toronto, Ontario M5H 1J8. Gold Wheaton has granted FNX a right to maintain its
pro rata equity position in Gold Wheaton for 18 months provided that it holds
at least 10% of the then outstanding Gold Wheaton common shares. The Gold
Wheaton common shares were acquired for investment purposes only. Other than
as agreed to as consideration for the FNX transaction, FNX has no present
intention to acquire further Gold Wheaton common shares and may, from time to
time, increase or decrease its ownership of or control over securities of Gold
Wheaton in response to market conditions, the business and prospects of Gold
Wheaton or other factors.
    Subsequent to the closing of this transaction, Gold Wheaton will have
cash on hand of approximately Cdn$61 million and will be aggressively pursuing
additional growth opportunities.

    Cautionary Note Regarding Forward-Looking Statements

    Safe Harbor Statement under the United States Private Securities
Litigation Reform Act of 1995: Except for the statements of historical fact
contained herein, the information presented constitutes "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements, including but not limited to those
with respect to the price of gold, platinum or palladium, the timing and
amount of estimated future production, costs of production, reserve
determination and reserves conversion rates involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Gold Wheaton or FNX to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other risks,
risks related to the integration of acquisitions, risks related to
international operations, risks related to joint venture operations, the
actual results of current exploration activities, actual results of current
reclamation activities, conclusions of economic evaluations and changes in
project parameters as plans continue to be refined as well as future prices of
gold, platinum or palladium, as well as those factors discussed in the section
entitled "Risk Factors" in Gold Wheaton's Filing Statement dated July 9, 2008
as filed on SEDAR. Although Gold Wheaton has attempted to identify important
factors that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of the content of this news
    release.





For further information:

For further information: Gold Wheaton Gold Corp., David Cohen, Chairman
and Chief Executive Officer, (778) 373-0107

Organization Profile

KADYWOOD CAPITAL CORP.

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GOLD WHEATON GOLD CORP.

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