On July 24, 2006 Goldcorp Inc. completed the sale of the Mt. Milligan, Berg, Maze Lake and Howards Pass properties to Terrane Metals Corp. for $120 million.
The purchase price was satisfied by the issuance and delivery of 240,000,000 Series A Preferred Shares of Terrane to Goldcorp at a deemed price of $0.50 per share. Assuming 100 per cent conversion of the Series A Preferred Shares, Goldcorp would own an 80.86 per cent equity interest in Terrane on an issued and outstanding basis and a 75.11 per cent equity interest on a fully diluted basis.
Cassels Brock & Blackwell LLP acted for Goldcorp with a team that included Paul Stein, Mark Bennett and Jennifer Traub (mining and securities) and Ann Watterworth (corporate). Terrane was represented by Jay Sujir and Verlee Webb of Anfield, Sujir, Kennedy & Durno.