Pan American silver closes US$103 million public offering of common shares
12 2월 2009 - 11:11PM
PR Newswire (US)
VANCOUVER, Feb. 12 /PRNewswire-FirstCall/ -- Pan American Silver
Corp. (NASDAQ: PAAS; TSX: PAA) (the "Company") has closed its
previously announced public offering of common shares (the
"Offering"). Pursuant to the Offering, the Company today issued
6,371,000 common shares at a price of US$16.25 per share, for
aggregate gross proceeds of US$103,528,750 and total proceeds, net
of underwriting fees, of US$98,611,134, including the exercise in
full of the underwriters' over-allotment option. The Company
expects to use the net proceeds from the Offering 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.
acted 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,
acted 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 USE OF PROCEEDS FROM THE 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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