Over-allotment option fully exercised on Pan American Silver's public offering of common shares
09 2월 2009 - 11:00PM
PR Newswire (US)
VANCOUVER, Feb. 9 /PRNewswire-FirstCall/ -- Pan American Silver
Corp. (NASDAQ: PAAS; TSX: PAA) (the "Company") announced today that
the syndicate of underwriters for its previously announced public
offering of common shares (the "Offering") have exercised in full
their over-allotment option to purchase an additional 831,000
common shares at a price of US$16.25 per share. The gross proceeds
from this exercise of the over-allotment option total approximately
US$13.5 million. Gross proceeds from both the Offering and the
exercise of the over-allotment option total approximately US$103.5
million. Closing of the Offering (including the issuance of common
share upon the exercise of the over-allotment option) is scheduled
for February 12, 2009. The Company expects to use the net proceeds
from the Offering and the exercise of the over-allotment option to
fund acquisitions, development programs on acquired mineral
properties, working capital requirements and for other general
corporate purposes. Goldman Sachs Canada Inc. and CIBC World
Markets Inc. are acting as co-lead managers and joint book runners
of the Offering and UBS Securities Canada Inc., Merrill Lynch
Canada Inc., RBC Dominion Securities Inc., National Bank Financial
Inc., Raymond James Ltd., Salman Partners Inc. and Canaccord
Capital Corporation, are acting as co-managers of the Offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy common shares nor shall there be
any sale of such securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. About Pan American Silver Pan American Silver's
mission is to be the world's largest and lowest cost primary silver
mining company by increasing its low cost silver production and
silver reserves. The Company has eight operating mines in Mexico,
Peru, Bolivia and Argentina. CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS AND INFORMATION This news release
contains "forward-looking statements" within the meaning of the
United States Private Securities Litigation reform act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Such forward-looking statements
and information include, but are not limited to, statements as to
the prospects of the offering's completion and the use of proceeds
from such offering. the Company does not intend, and does not
assume any obligation to, update such forward-looking statements or
information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Pan
American and its operations to be materially different from those
expressed or implied by such statements. Such factors include,
among others: fluctuations in the spot and forward price of silver,
gold, base metals or certain other commodities (such as natural
gas, fuel oil and electricity); fluctuations in the currency
markets (such as the Peruvian sole, Mexican peso Argentine peso and
Bolivian Boliviano versus the U.S. dollar); changes in national and
local government, legislation, taxation, controls, regulations and
political or economic developments in Canada, Peru, Mexico,
Argentina, Bolivia, the United States or other countries in which
the Company may carry on business in the future; operating or
technical difficulties in connection with mining or development
activities; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, pressures, cave-ins and flooding);
inadequate insurance, or inability to obtain insurance, to cover
these risks and hazards; employee relations; availability and
increasing costs associated with mining inputs and labor; the
speculative nature of mineral exploration and development,
including the risks of obtaining necessary licenses and permits;
diminishing quantities or grades of mineral reserves as properties
are mined; business opportunities that may be presented to, or
pursued by, the Company; the Company's ability to successfully
integrate acquisitions; and challenges to the Company's title to
properties; as well as those factors described in the section "risk
related to Pan American's business" contained in the Company's most
recent form 40f/annual information form filed with the sec and
canadian securities regulatory authorities. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or information, there may be other
factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information. DATASOURCE: Pan
American Silver Corp. CONTACT: Kettina Cordero, Coordinator,
Investor Relations, (604) 684-1175,
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