Gold Eagle shareholders overwhelmingly approve business combination with Goldcorp and Gold Eagle extends election date

    TSX: GEA

    TORONTO, Sept. 16 /CNW/ - Gold Eagle Mines Ltd. ("Gold Eagle") (TSX:GEA).

    -   Over 96% of Gold Eagle shareholders voting at the special meeting
        approve acquisition by Goldcorp
    -   Gold Eagle extends the election deadline to September 22, 2008
        allowing shareholders to elect Cash Consideration, Share
        Consideration or a combination thereof
    -   Gold Eagle's Board of Directors recommends that those shareholders
        who have not yet made an election and tendered their letters of
        transmittal do so by September 22, 2008

    Gold Eagle announces that at a special meeting held on September 15,
2008, over 96% of the Gold Eagle shareholders present in person or by proxy at
the meeting voted in favour of a special resolution approving the acquisition
of Gold Eagle by Goldcorp Inc. ("Goldcorp"), pursuant to a plan of arrangement
(the "Plan") under the Business Corporations Act (Ontario).
    In addition, Gold Eagle announces that it is extending the election date
by which Gold Eagle shareholders can submit letters of transmittal and
election forms ("Letters of Transmittal") from 3:00 p.m. (Toronto time) on
September 11, 2008 to 4:30 p.m. (Toronto time) on September 22, 2008 (the
"Extended Election Deadline"). This extension allows additional time for all
Gold Eagle shareholders to elect the form of consideration to be provided to
them pursuant to the Plan. Gold Eagle shareholders are entitled to elect
either the Cash Consideration, consisting of $13.60 per Gold Eagle Share, the
Share Consideration, consisting of 0.292 of a Goldcorp share and $0.0001 in
cash, or any combination thereof consisting of any combination of the Cash
Consideration and the Share Consideration, subject to pro-ration as discussed
below, all as described in Gold Eagle's management information circular dated
August 15, 2008 (the "Circular") and as set out in the Letter of Transmittal.
The initial election date has been extended following numerous inquiries
received by Gold Eagle from Gold Eagle shareholders.
    The Extended Election Deadline provides Gold Eagle shareholders who have
not made an election and tendered their Letters of Transmittal a further
opportunity to do so. In the event that a Gold Eagle shareholder does not make
an election by the Extended Election Deadline, such shareholder will be deemed
to have elected to receive the Cash Consideration for 50% of his or her Gold
Eagle shares and the Share Consideration for the remaining 50% of his or her
Gold Eagle shares, subject to pro-ration as discussed below. Gold Eagle
shareholders who have already elected and who wish to change their election
may do so by submitting a new Letter of Transmittal and revoking their
previous election, prior to the Extended Election Deadline.
    Under the Arrangement, there is a maximum aggregate amount of cash to be
paid to holders of Gold Eagle shares and a maximum aggregate number of
Goldcorp shares that may be issued to holders of Gold Eagle shares. If Gold
Eagle shareholders elect, in the aggregate, to receive more cash or more
shares than the maximum cash and/or the maximum shares, the entitlement of
each shareholder to cash and/or Goldcorp shares will be pro-rated. The cash
portion of the consideration and the number of Goldcorp shares received by
each Gold Eagle shareholder may therefore be subject to variation, regardless
of the election or deemed election made by such shareholder. In particular, a
shareholder may receive less cash and more Goldcorp shares than such
shareholder elected, or was deemed to have elected, to receive or vice versa,
as a consequence of this pro-rating. Shareholders are encouraged to review the
disclosure provided in the Circular which accompanied their Letter of
Transmittal concerning the calculation of the maximum cash available, the
maximum number of Goldcorp shares to be issued and the pro-rationing
    The Plan remains subject to the approval of the Ontario Superior Court of
Justice. Application to the Court for the Final Order approving the Plan will
be made on Wednesday, September 17, 2008. Closing of the transaction is
anticipated to occur on or about September 26, 2008.

    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 completion of the proposed arrangement with Goldcorp, the
price of gold, silver, copper, zinc and lead, the timing and amount of
estimated future production, costs of production, reserve determination and
reserve conversion rates involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievement
of Gold Eagle to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
factors include, among others, 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, changes in project parameters as plans continue to be
refined, future prices of gold, silver and copper, zinc and lead as well as
those factors discussed in the section entitled "Narrative Description of the
Business - Risk Factors" in Gold Eagle's Annual Information Form on file with
the securities regulatory authorities in Canada. Although Gold Eagle 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. Readers should
not place undue reliance on forward-looking statements.

For further information:

For further information: Gold Eagle Mines Ltd., Simon Lawrence,
President and Chief Executive Officer, (416) 867-8998; Suzette Ramcharan,
Investor Relations, (416) 867-8998

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