Pan American Silver completes acquisition of Minefinders
29 March 2012 - 12:45AM
PR Newswire (Canada)
VANCOUVER, March 30, 2012 /CNW/ - Pan American Silver Corp. ("Pan
American") and Minefinders Corporation Ltd. ("Minefinders") today
completed the previously announced plan of arrangement (the
"Arrangement") under the Business Corporations Act (Ontario)
whereby Pan American acquired all of the issued and outstanding
common shares of Minefinders. Under the terms of the Arrangement
former Minefinders shareholders who elected the full proration
option received CDN$1.84 and 0.55 of a Pan American share in
respect of each of their Minefinders shares. Former
Minefinders shareholders who elected the Pan American share option
received 0.6235 Pan American shares and CDN$0.0001 for each of
their Minefinders shares, and those who elected the cash option
received CDN$2.0306 and 0.5423 of a Pan American share in respect
of each of their shares. Geoff Burns, Pan American's President and
CEO, said: "We are extremely pleased to have concluded the
acquisition of Minefinders. This strategic transaction
increases our near-term silver and gold production and cash flow,
and meaningfully reduces our average cash costs across our eight
producing mines, while at the same time geographically de-risking
our overall portfolio. In addition, Pan American should reap
the benefits of a sector leading and well sequenced growth profile.
As the Arrangement has now completed, the Minefinders shares will
be de-listed from the TSX and the NYSE Amex. About Pan American Pan
American's mission is to be the world's largest low-cost primary
silver mining company by increasing its low-cost silver production
and silver reserves. It has eight operating mines in Mexico,
Peru, Argentina and Bolivia. Pan American also owns advanced
development projects in Argentina and Mexico. For more
information about Pan American, please visit Pan American's website
at www.panamericansilver.com. None of the securities anticipated
issued pursuant to the Arrangement have been or will be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws, and any
securities issued in the Arrangement are anticipated to be issued
in reliance upon available exemptions from such registration
requirements pursuant to Section 3(a) (10) of the U.S. Securities
Act and applicable exemptions under state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS CERTAIN OF THE STATEMENTS AND
INFORMATION IN THIS PRESS RELEASE CONSTITUTE "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 PROVINCIAL
SECURITIES LAWS. ALL STATEMENTS, OTHER THAN STATEMENTS OF
HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS. WHEN USED IN
THIS PRESS RELEASE, THE WORDS, "WILL", "COULD", "MAY", "ADVANCE",
"ANTICIPATE" AND OTHER SIMILAR WORDS AND EXPRESSIONS, IDENTIFY
FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE
FORWARD-LOOKING STATEMENTS OR INFORMATION RELATE TO, AMONG OTHER
THINGS: THE COMBINED COMPANY'S EXPECTED GOLD AND SILVER
PRODUCTIONS, CASH COSTS, GEOGRAPHICAL RISK, AND GROWTH
OPPORTUNITIES. THESE STATEMENTS REFLECT THE COMPANIES' CURRENT
VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON
A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED
REASONABLE BY THE COMPANIES, ARE INHERENTLY SUBJECT TO SIGNIFICANT
BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES
AND CONTINGENCIES. MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD
CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY
DIFFERENT FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR
MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS
CONTAINED IN THIS PRESS RELEASE AND THE COMPANIES HAVE MADE
ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE
FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN
SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN
OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY);
FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE PERUVIAN SOL, MEXICAN
PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S.
DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE
OF THE COMPANIES' BUSINESSES; CHANGES IN NATIONAL AND LOCAL
GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS
INCLUDING, AMONG OTHERS, CHANGES TO IMPORT AND EXPORT REGULATIONS
AND LAWS RELATING TO THE REPATRIATION OF CAPITAL AND FOREIGN
CURRENCY CONTROLS; POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA,
THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER
COUNTRIES WHERE THE COMPANIES MAY CARRY ON BUSINESS IN THE FUTURE;
RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL
EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL
HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR
STRUCTURAL FORMATIONS, PRESSURES, CAVEINS AND FLOODING); RISKS
RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF
SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANIES DO
BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE,
TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS
WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS;
AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND
LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND
DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES
AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY
IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE
PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF
MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL
CONDITIONS; PAN AMERICAN'S ABILITY TO COMPLETE AND SUCCESSFULLY
INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION
RISKS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANIES'
TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL
RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC
EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH
UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN
THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL,
AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION
"RISKS RELATED TO THE COMPANY'S BUSINESS" IN THE COMPANIES' MOST
RECENT FORMS 40-F AND ANNUAL INFORMATION FORMS FILED WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN
PROVINCIAL SECURITIES REGULATORY AUTHORITIES. INVESTORS ARE
CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON
FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANIES HAVE ATTEMPTED
TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS
NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED. THE
COMPANIES DO NOT INTEND, AND DO NOT ASSUME ANY OBLIGATION, TO
UPDATE THESE FORWARD-LOOKING STATEMENTS OR INFORMATION TO REFLECT
CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER
EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION, OTHER THAN AS
REQUIRED BY APPLICABLE LAW. Pan American Silver Corp. CONTACT: Pan
American's Information ContactKettina CorderoManager, Investor
Relations(604)
684-1175info@panamericansilver.comwww.panamericansilver.com
Copyright
Minefinders (AMEX:MFN)
Historical Stock Chart
From May 2024 to Jun 2024
Minefinders (AMEX:MFN)
Historical Stock Chart
From Jun 2023 to Jun 2024