Pan American Silver announces pricing of public offering of common shares
12 April 2006 - 10:11AM
PR Newswire (US)
VANCOUVER, April 11 /PRNewswire-FirstCall/ -- Pan American Silver
Corp. (PAAS: NASDAQ; PAA: TSX) announced today that it has priced
its previously announced public offering of common shares (the
"Offering"). Pursuant to the Offering, Pan American will issue
5,750,000 common shares at a price of US$23.88 per share, for
aggregate proceeds of US$137,310,000. Pan American will file a
final prospectus supplement to its existing base shelf prospectus
with the securities regulatory au thorities in the provinces of
Canada and will make a similar filing with the SEC. Closing of the
Offering is scheduled for April 18, 2006. Pan American has granted
the underwriters an option, exercisable for a period of 30 days
following the closing of the Offering, to purchase up to an
additional 531,407 common shares, at a price of US$23.88 per share.
Pan American expects to use the net proceeds of this Offering
primarily for the construction and development of its Manantial
Espejo silver project in Argentina and the remainder for working
capital and general corporate purposes. Bear, Stearns & Co.
Inc. and BMO Nesbitt Burns Inc. are acting as joint book-running
managers for the Offering, and CIBC World Markets Inc., Merrill
Lynch Inc., Canaccord Capital Corporation and National Bank
Financial Inc. are acting as co-managers of the Offering. Once
filed, copies of the prospectus supplement and the base shelf
prospectus may be obtained from:
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Bear, Stearns & Co. Inc. BMO Nesbitt Burns Inc. Attn:
Prospectus Department Prospectus Department (B-2 Level) 383 Madison
Avenue 1 First Canadian Place New York, NY 10179 Toronto, Ontario
M5X 1H3 Tel: (866) 803-9204 Attn: Des Raposo, Dist. Centre Tel:
(416) 363-6996 Ext. 224
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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 state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Pan American Silver Corp. is one of the
world's largest publicly traded primary silver producers with
mining operations and development projects in Mexico, Peru,
Argentina, Bolivia and the United States. For Further Information
Contact: Pan American Silver Corp (604) 684-1175. DATASOURCE: Pan
American Silver Corp. CONTACT: Pan American Silver Corp, (604)
684-1175
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