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Fri Mar 12, 2004
Pan American Completes Common Share Financing
(all amounts in $US unless otherwise stated)
Vancouver, Canada -- Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) is pleased to announce it has closed the common share financing announced on February 27. An institutional investor has purchased 3,333,333 common shares of Pan American Silver Corp. at a price of $16.50 per share for aggregate gross proceeds of $55 million.
As previously announced, Pan American intends to use the proceeds of this common share financing to fund the proposed acquisition of the Morococha silver mine in Peru and for general corporate purposes.
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For Further Information Contact:
Brenda Radies, VP Corporate Relations
(604) 684-1175
www.panamericansilver.com
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Pan American's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Pan American's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Pan American is active, labor relations and other risk factors listed from time to time in Pan American's Form 40-F. |
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