Goldcorp Completes Sale of Its 48% Interest in Silver Wheaton
Thursday February 14, 9:43 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 14, 2008 -- Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that Goldcorp Inc. ("Goldcorp") has completed the previously announced secondary offering of 108,000,000 common shares of Silver Wheaton at a price of C$14.50 per share for gross proceeds of C$1,566,000,000. The underwriting syndicate was co-led by Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and GMP Securities L.P., with Macquarie Capital Markets Canada Ltd. and Genuity Capital Markets as co-bookrunners, and included CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Capital Corporation and Merrill Lynch Canada Inc. The secondary offering represents the sale of Goldcorp's entire 48% interest in Silver Wheaton. Silver Wheaton did not receive any proceeds from the secondary offering.
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"Goldcorp was fundamental in the formation of Silver Wheaton, and is an excellent operating partner on two of our key assets, Penasquito and San Dimas. Goldcorp's sale of their Silver Wheaton shares represents an important and positive step in the development of our company," said Silver Wheaton President and Chief Executive Officer, Peter Barnes. "This sale removes a perceived overhang in our stock while increasing market liquidity significantly, making Silver Wheaton a much more appealing long term investment, particularly to institutional investors. With a strong shareholder base, this will now allow us to capitalize on our exceptional growth prospects, with nothing to hold us back."
