Document:

exv4w41

 

NEWS RELEASE

Summary Financial Data of Goldcorp Inc. and

Summary Pro Forma Financial Data

(All amounts in thousands of US$ except shares outstanding, per share amounts, and gold prices)

Toronto, January 14, 2005 – GOLDCORP INC. (GG: NYSE; G: TSX) presents, in connection with the
offer by Goldcorp Inc. and Goldcorp Acquisition ULC to purchase all of the outstanding common
shares of Wheaton River Minerals Ltd. (on the basis of 0.25 Goldcorp common shares for each Wheaton
common share (the “Offer”)), the following Summary Financial Data of Goldcorp Inc. and Summary Pro
Forma Financial Data(1):

The following tables present our summary historical consolidated financial information as at and
for the years ended December 31, 2003 and 2002 and our consolidated financial information as at and
for the nine months ended September 30, 2004, which financial statements are incorporated by
reference in the Take Over Bid Circular, dated December 29, 2004, filed with respect to the Offer.
The tables also present our summary pro forma consolidated financial information as at and for the
nine months ended September 30, 2004 and for the year ended December 31, 2003 after giving effect
to our acquisition of all of the Wheaton common shares pursuant to the Offer. This information is
derived from and should be read in conjunction with the financial statements and the related notes
to those financial statements incorporated by reference or included in the Take Over Bid Circular.
Copies of the financial statements and related notes incorporated by reference in the Take Over Bid
Circular can be found at www.sedar.com and www.sec.gov.

The selected pro forma consolidated financial information set forth below should be read in
conjunction with our unaudited pro forma consolidated financial statements, the accompanying notes
thereto and the compilation report of KPMG LLP thereon included in the Take Over Bid Circular. The
pro forma consolidated balance sheet has been prepared from the unaudited consolidated balance
sheet of each of Goldcorp and Wheaton as at September 30, 2004 and gives pro forma effect to the
acquisition of Wheaton by Goldcorp as if the transaction occurred on September 30, 2004. The pro
forma consolidated statement of operations for the nine month period ended September 30, 2004 and
for the year ended December 31, 2003 has been prepared from the unaudited statements of operations
of each of Goldcorp and Wheaton for the nine months ended September 30, 2004 and from the audited
statements of operations of each of Goldcorp and Wheaton for the year ended December 31, 2003 and
gives pro forma effect to the acquisition of Wheaton as if the transaction occurred on January 1,
2003. Please refer to Appendix A of the Take Over Bid Circular for details of the pro forma
adjustments and a reconciliation of the figures to US GAAP.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Goldcorp Actual	 
	 	 	Pro Forma as	 	 	Pro Forma as	 	 	As at	 	 	As at	 	 	As at	 
	 	 	at September 30,	 	 	at December 31,	 	 	September 30,	 	 	December 31,	 	 	December 31,	 
	 	 	2004	 	 	2003(2)	 	 	2004	 	 	2003	 	 	2002	 
	Current assets
	 	$	629,578	 	 	 	—	 	 	$	400,642	 	 	$	423,290	 	 	$	327,377	 
	Non-current assets
	 	$	2,718,230	 	 	 	—	 	 	$	248,272	 	 	$	215,233	 	 	$	130,372	 
	Current liabilities
	 	$	89,427	 	 	 	—	 	 	$	22,200	 	 	$	61,070	 	 	$	53,050	 
	Long-term liabilities
	 	$	342,714	 	 	 	—	 	 	$	86,647	 	 	$	69,711	 	 	$	55,778	 
	Minority interest
	 	$	18,000	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Shareholders’ equity
	 	$	2,897,667	 	 	 	—	 	 	$	540,067	 	 	$	507,742	 	 	$	348,921	 
	Common shares
outstanding (in
000’s)
	 	 	332,981	 	 	 	—	 	 	 	189,961	 	 	 	189,274	 	 	 	182,390	 

 

 

Goldcorp Inc. — Press Release

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Pro Forma for	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	the Nine	 	 	Pro Forma for	 	 	For the Nine	 	 	For the Year	 	 	For the Year	 
	 	 	Months ended	 	 	the year ended	 	 	Months Ended	 	 	Ended	 	 	Ended	 
	 	 	September 30,	 	 	December 31,	 	 	September 30,	 	 	December 31,	 	 	December 31,	 
	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2002	 
	Revenue
	 	$	444,867	 	 	$	475,275	 	 	$	139,144	 	 	$	262,642	 	 	$	185,194	 
	Net earnings
	 	$	105,597	 	 	$	122,413	 	 	$	36,380	 	 	$	98,804	 	 	$	68,235	 
	Basic earnings per
share
	 	$	0.32	 	 	$	0.37	 	 	$	0.19	 	 	$	0.54	 	 	$	0.39	 
	Ounces of gold
produced
	 	 	831,251	 	 	 	985,045	 	 	 	461,751	 	 	 	602,845	 	 	 	607,919	 
	Ounces of gold sold
	 	 	687,219	 	 	 	1,047,236	 	 	 	313,819	 	 	 	677,936	 	 	 	547,098	 
	Ounces of silver sold
	 	 	5,059,400	 	 	 	6,054,200	 	 	 	—	 	 	 	—	 	 	 	—	 
	Pounds of copper sold
	 	 	111,783,700	 	 	 	113,718,700	 	 	 	—	 	 	 	—	 	 	 	—	 
	Average gold price
realized per ounce
	 	$	401	 	 	$	366	 	 	$	402	 	 	$	367	 	 	$	312	 

	(1)	 	These figures are presented on a Canadian GAAP basis. For a reconciliation of the pro forma information to US GAAP, refer to Note 6
of Appendix A of the Take Over Bid Circular dated December 29, 2004.
	(2)	 	In accordance with the US and Canadian regulatory pronouncements, a Canadian GAAP pro forma balance sheet was not required

The following table sets forth, for the periods indicated, the basic earnings, book value and cash
dividends declared per common share separately for Goldcorp and Wheaton on an historical basis and
for Goldcorp on a pro forma consolidated basis.

	 	 	 	 	 	 	 	 	 
	 	 	For the	 	 	 	 
	 	 	Nine Months	 	 	For the Year	 
	 	 	Ended September 30,	 	 	Ended December 31,	 
	 	 	2004	 	 	2003	 
	Pro Forma Consolidated
	 	 	 	 	 	 	 	 
	Basic earnings per share
	 	$	0.32	 	 	$	0.37	 
	Book value per share
	 	$	8.70	 	 	$	—	(1)
	Cash dividends per share
	 	$	0.08	 	 	$	0.15	 
	Goldcorp Historical
	 	 	 	 	 	 	 	 
	Basic earnings per share
	 	$	0.19	 	 	$	0.54	 
	Book value per share
	 	$	2.84	 	 	$	2.68	 
	Cash dividends per share
	 	$	0.13	 	 	$	0.27	 
	Wheaton Historical
	 	 	 	 	 	 	 	 
	Basic earnings per share
	 	$	0.15	 	 	$	0.14	 
	Book value per share
	 	$	1.29	 	 	$	1.04	 
	Cash dividends per share
	 	$	—	 	 	$	—	 

	(1)	 	In accordance with the US and Canadian regulatory pronouncements, a Canadian GAAP
pro forma balance sheet was not required to be prepared as at December 31, 2003.

Page 2

 

Goldcorp Inc. — Press Release

 

This press release is neither an offer to purchase securities nor a solicitation of an offer to
sell securities. Goldcorp has filed a take-over bid circular with Canadian securities regulatory
authorities and a registration statement and prospectus and tender offer statement with the United
States Securities and Exchange Commission and Wheaton River has filed a directors’ circular with
Canadian securities regulatory authorities and a solicitation/recommendation statement with United
States Securities and Exchange Commission with the respect to the offer. Investors and
shareholders are strongly advised to read the take-over bid circular and the registration statement
and prospectus and tender offer statement (including the offer to purchase, letter of transmittal
and related documents) and the related directors’ circular and solicitation/recommendation
statement, as well as any amendments and supplements to those documents, because they contain
important information. Investors and shareholders may obtain a free copy of the take-over bid
circular, the related letter of transmittal and the registration statement and prospectus and
tender offer statement and certain other offer documents, as well as the directors’ circular, at
www.sedar.com or from the Securities and Exchange Commission’s website at www.sec.gov.
Free copies of these documents can also be obtained by directing a request to Goldcorp at the
address referred to below. YOU SHOULD READ THE TAKE-OVER BID CIRCULAR AND DIRECTORS’ CIRCULAR
CAREFULLY BEFORE MAKING A DECISION CONCERNING THE OFFER.

Goldcorp’s Red Lake Mine is the richest gold mine in the world. The Company is in excellent
financial condition: has NO DEBT, a Large Treasury, positive Cash Flow and Earnings and pays a
Dividend twelve times a year! GOLDCORP is UNHEDGED and currently withholds one-third of annual
gold production in anticipation of higher gold prices. Goldcorp’s shares are listed on the New York
and Toronto Stock Exchanges under the trading symbols of GG and G, respectively and its options
trade on the American Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the
Pacific Stock Exchange (PCX) in the United States and on the Montreal Exchange (MX) in Canada.

	 	 	 
	For further information, please contact:
 

Ian
J. Ball

Investor Relations

Telephone: (416) 865-0326

Toll Free: (800) 813-1412

Fax: (416) 361-5741

e-mail: info@goldcorp.com

	 	Corporate Office:
 

145
King Street West

Suite 2700

Toronto, Ontario

M5H 1J8

website: www.goldcorp.com

Page 3sec document

                                                                    EXHIBIT 10.5

                                 PROMISSORY NOTE

$10,000,000
                                                              New York, New York
                                                                January 11, 2005

            EMPIRE RESORTS,  INC., a Delaware corporation (the "BORROWER"),  FOR
VALUE  RECEIVED,  hereby  promises to pay to the order of BANK OF SCOTLAND  (the
"LENDER"),  at the office of Bank of Scotland,  as agent for the Lender (in such
capacity,  the "AGENT"),  located at 565 Fifth Avenue,  New York, New York 10017
(or at such other  location as the holder  hereof  notifies  the  Borrower of in
writing),  on the  Maturity  Date  (as such  term is  defined  in the  Agreement
referred to below) the principal sum of TEN MILLION DOLLARS ($10,000,000) or, if
less, the aggregate unpaid principal amount of all Loans made to the Borrower by
the Lender under the Agreement,  in lawful money of the United States of America
and in same day funds.

            The Borrower  promises also to pay interest on the unpaid  principal
amount hereof outstanding from time to time in like money and like funds at said
office  at  the  rates  and at the  times  determined  in  accordance  with  the
Agreement.

            Overdue  principal and overdue interest shall bear interest for each
day,  payable on  demand,  at a rate per annum  determined  in  accordance  with
Section 3.4 of the Agreement.

            This  Note is one of the Notes  described  in,  and has been  issued
pursuant to, a Loan  Agreement  dated as of the date hereof among the  Borrower,
the guarantors  party thereto,  the Lender,  the other lenders from time to time
party thereto and the Agent (said agreement, as amended, extended, supplemented,
renewed, restated or otherwise modified from time to time, the "AGREEMENT"), and
is entitled to the  benefits  thereof and of the  Security  Documents.  Upon the
occurrence of an Event of Default,  the  principal of, and accrued  interest on,
this Note may be  declared  to be due and  payable  in the  manner  and with the
effect provided in the Agreement.

            The  Borrower  has  the  right  in  certain  circumstances  and  the
obligation  under  certain other  circumstances  to repay or prepay the whole or
part of the principal of this Note on the terms and conditions  specified in the
Agreement.

            The outstanding  principal  balance and accrued  interest under this
Note at any time shall be determined as shown in records made in accordance with
manual, computerized,  electronic or other record-keeping systems used from time
to time by the Lender or other holder of this Note.

            This is a revolving  note.  Principal  may be  advanced,  repaid and
readvanced,  and this Note shall  continue  in force,  notwithstanding  that the
principal balance may be reduced to zero from time to time.

            Except to the extent  required  by law which  cannot be waived,  the
Borrower waives presentment, demand, protest or notice of any kind in connection
with this Note.

            The  Borrower  agrees to pay to the holder  hereof,  on demand,  all
costs and  expenses  (including  legal  fees)  incurred in  connection  with the
enforcement and collection of this Note,  including legal fees in bankruptcy and
judicial and non-judicial foreclosure proceedings.

            THIS NOTE SHALL BE GOVERNED BY, AND  CONSTRUED IN  ACCORDANCE  WITH,
THE LAWS OF THE STATE OF NEW YORK  WITHOUT  REFERENCE  TO CHOICE OF LAW DOCTRINE
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

            THE BORROWER HEREBY KNOWINGLY,  VOLUNTARILY AND INTENTIONALLY WAIVES
ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN  RESPECT OF ANY  LITIGATION
BASED ON, OR ARISING OUT OF,  UNDER,  OR IN CONNECTION  WITH,  THIS NOTE, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR
ACTIONS OF THE BORROWER,  ANY OTHER LOAN PARTY, THE AGENT, THE LENDER, ANY OTHER
LENDER OR ANY OTHER HOLDER OF THIS NOTE.

            THIS NOTE AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
AMONG THE PARTIES WITH RESPECT TO THE MATTERS COVERED HEREBY AND THEREBY AND MAY
NOT BE  CONTRADICTED  BY EVIDENCE OF PRIOR,  CONTEMPORANEOUS  OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

            THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

            Terms used herein and not  otherwise  defined  herein shall have the
meanings provided for such terms in the Agreement.

            IN WITNESS  WHEREOF,  the  Borrower  has caused this Note to be duly
executed and delivered as of the date first above written.

                                      EMPIRE RESORTS, INC.

                                      By /s/ Scott A. Kaniewski
                                         ---------------------------------------
                                      Name:   Scott A. Kaniewski
                                      Title:  CFO

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