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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 6 - K
[X] Pursuant to Rule 13a-16 or 15d-16 of the SECURITIES EXCHANGE ACT OF
1934
GOLDCORP INC.
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(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-12970
PROVINCE OF ONTARIO 98770100
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(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
SUITE 2700, 145 KING STREET WEST
TORONTO, ONTARIO, CANADA M5H 1J9
(416) 865-0326
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20 - F [ ] Form 40-F [ X ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-(b) under the SECURITIES EXCHANGE ACT OF 1934.
Yes [ ] No [ X ]
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FORM 27
MATERIAL CHANGE REPORT UNDER SECTION 75(2) OF THE ACT
SECURITIES ACT
ITEM 1. - REPORTING ISSUER:
GOLDCORP INC.
145 KING STREET WEST
SUITE 2700
TORONTO, ONTARIO
M5H 1J8
("GOLDCORP")
ITEM 2. - DATE OF MATERIAL CHANGE:
JANUARY 4, 1999
ITEM 3. - PRESS RELEASE:
A press release was issued in Toronto on January 4, 1999 describing the
material change.
ITEM 4. - SUMMARY OF MATERIAL CHANGE:
Goldcorp announced that it has entered into an agreement with three
Canadian banks pursuant to which the banks will provide Goldcorp with a five -
year term loan of US $60 million.
ITEM 5. - FULL DESCRIPTION OF MATERIAL CHANGE:
The purpose of the term loan is to finance the development of the High
Grade Zone at Goldcorp's Red Lake Mine. As previously reported by Goldcorp, a
positive feasibility study on the project dated September 1998 was completed by
Watts, Griffis and McOuat, an independent geological and engineering consulting
firm. The feasibility study indicates that the project has a payback of 17
months with an internal rate of return of 49% based on a gold price of US$300
per ounce, a recovery rate of 83% and an average cash operating cost of US$88
per ounce.
The interest cost on funds drawn-down under the term loan will be LIBOR
plus 2.50%. After final completion of the development plan, the interest cost
will be LIBOR plus an amount ranging between 1.25% and 2.25%, depending on
Goldcorp achieving certain financial tests. In addition, Goldcorp is also
required to hedge 450,000 ounces of gold production from the Wharf Mine over a
period of five years.
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The term loan and gold production hedging will be secured by, among
other things, a floating charge on all of Goldcorp's assets. After
final completion, all security will be released by the Banks. The loan
will mature on December 31, 2003.
The closing of the term loan is subject to the finalization and
execution of definitive documentation by Goldcorp and the Banks, and is
expected to be completed during February 1999.
ITEM 6. - RELIANCE ON SECTION 75(3) OF THE ACT:
Not Applicable.
ITEM 7. - OMITTED INFORMATION:
None.
ITEM 8. - SENIOR OFFICER:
Abraham N. Rubinfeld
Vice President, Legal and Secretary
Tel. No. (416) 865-4974
ITEM 9. - STATEMENT OF SENIOR OFFICER:
The foregoing accurately discloses the material change referred to
herein.
DATED at Toronto, this 6th day of January, 1999.
By /s/Abraham N. Rubinfeld
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Vice President, Legal and Secretary
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[LETTERHEAD]
NEWS RELEASE
Toronto, Ontario
January 4, 1999
GOLDCORP SECURED US$60 MILLION RED LAKE MINE FINANCING
GOLDCORP INC. (TSE/ME: G.A, G.B; NYSE: GG.A, GG.B) is pleased to announce today
that it has entered into an agreement with a group of three Canadian chartered
banks, Bank of Montreal, The Bank of Nova Scotia and Royal Bank of Canada,
pursuant to which the Banks will provide to Goldcorp a five-year term loan of
US$60 million.
The purpose of the term loan is to finance the development of the High Grade
Zone at Goldcorp's Red Lake Mine. As previously reported by Goldcorp, a positive
feasibility study on the project dated September 1998 was completed by Watts,
Griffis and McOuat, an independent geological and engineering consulting firm.
The feasibility study indicates that the project has a payback of 17 months with
an internal rate of return of 49% based on a gold price of US$300 per ounce, a
recovery rate of 83% and an average cash operating cost of US$88 per ounce.
The interest cost on funds drawn-down under the term loan will be LIBOR plus
2.50%. After final completion of the development plan, the interest cost will be
LIBOR plus an amount ranging between 1.25% and 2.25%, depending on Goldcorp
achieving certain financial tests. In addition, Goldcorp is also required to
hedge 450,000 ounces of gold production from the Wharf Mine over a period of
five years.
The term loan and gold production hedging will be secured by, among other
things, a floating charge on all of Goldcorp's assets. After final completion,
all security will be released by the Banks. The loan will mature on December 31,
2003.
The closing of the term loan is subject to the finalization and execution of
definitive documentation by Goldcorp and the Banks, and is expected to be
completed during February 1999.
Surface and underground projects are being carried out at the Red Lake Mine as
per the development plan. Merit Consultants International Inc. has been retained
to act as Construction Managers for the development. Merit will provide overall
direction for scheduling, cost control and implementation of the development
plan.
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Tender proposals for the detailed engineering of the processing plant and for
the underground development and construction program have been received from
selected consultants and contractors. It is expected that both contracts will be
awarded shortly.
Goldcorp is a North American-based gold producer. In addition to its Red Lake
Mine, Goldcorp owns and operates the Wharf Mine, an open pit gold mine located
in the Black Hills of South Dakota, and two industrial mineral mines located in
Saskatchewan and New Brunswick.
For further information, please contact:
Robert R. McEwen
Chairman and Chief Executive Officer
(416) 865-0326
Email: [email protected]
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SIGNATURE
Pursuant to the requirements of the SECURITIES EXCHANGE ACT OF 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GOLDCORP INC.
By /s/Floriana G. Cipollone
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Vice President, Finance
(Duly Authorized Officer)
Date: September 3, 1999
