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Mon Mar 11, 2002
Pan American Silver Completes Equity Financing And Announces Date For Year-End Results
Pan American Silver Corp. (NASDAQ: PAAS, TSE: PAA) is pleased to report the closing of its recently announced equity offering. A total of 3.45 million shares were purchased at a price of US$4.80 per share for gross proceeds of US$16,560,000, and net proceeds of US$15,600,000 after commissions and fees. The share total includes the exercise in full of an option granted to the syndicate of underwriters, led by CIBC World Markets Inc., to sell an additional 450,000 shares. This offering increases the number of shares issued and outstanding to 41.26 million. Pan American Silver operates three wholly owned primary silver mines and produced 6.9 million ounces of silver in 2001. Pan American expects silver production to be 9.2 million ounces in 2002, rising to 11.8 million ounces in 2003 after the planned expansion of the La Colorada silver mine in Mexico.
Pan American Silver's fourth quarter and 2001 year-end results will be announced after market on Thursday March 14th. Pan American will host a conference call on Friday March 15th at 8:00 a.m. Pacific time (11 a.m. Eastern time) to discuss 2001's financial and operational results, give project updates, and answer questions. To listen to the call live, dial 1-416-695-5806. To listen to a playback of the call after it has ended, dial 1-416-695-5800 and enter the pass code 1104294. This option will be available for 2 weeks after the call. The conference call will also be broadcast live and archived for later playback on the Internet at http://www.q1234.com.
Ross J. Beaty, Chairman or
Rosie Moore, VP Corporate Relations
(604) 684-1175
www.panamericansilver.com
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from the targeted results. Such risks and uncertainties include those described in the Company's Form 40-F as amended. All amounts are expressed in U.S. dollars. |
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