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Wed Feb 27, 2002
Pan American Silver Corp. To Raise US$14.4 Million In Public Offering Of Common Shares
Pan American Silver Corp. (NASDAQ: PAAS; TSE: PAA) today announced that it has entered into an agreement to sell approximately US$14.4 million of Pan American's common shares to a syndicate of underwriters, for resale in the United States and Canada. The Company will issue 3.0 million shares at a price of US$4.80 per share. In addition, Pan American has granted an option to the underwriters to increase the offering size by up to 15 percent (up to 450,000 shares) at US$4.80 per share, exercisable prior to closing, expected on March 11, 2002. The offering follows the acceptance on February 20, 2002 of Pan American's final short form base shelf prospectus by securities regulatory authorities in British Columbia, Alberta, Manitoba and Ontario, and a registration statement by the U.S. Securities and Exchange Commission pursuant to the multi-jurisdictional disclosure system.
CIBC World Markets Inc. is acting as the lead underwriter for this offering, with syndication to National Bank Financial and Canaccord Capital Corp. Further information or copies of the Canadian short form base shelf prospectus and the U.S. base shelf prospectus related to the offering may be obtained from CIBC World Markets Inc., Investment Banking, 161 Bay Street, Toronto, Ontario, M5J 2S8, or by contacting Gord Chan at Canaccord Capital (phone 604-643-7054). This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any state, province or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state, province or jurisdiction.
Pan American is a leading primary silver producer currently operating three wholly owned silver mines -- Quiruvilca and Huaron in Peru, and La Colorada in Mexico. Pan American's silver output in 2001 was 6.9 million ounces, up 90 percent from 2000. Pan American estimates that silver production will be 9.2 million ounces in 2002, and 11.8 million ounces in 2003 after the planned expansion of the La Colorada silver mine.
www.panamericansilver.com |
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