 |
Thu Apr 29, 2004
Pan American Reports Good Progress On Debenture Conversion Offer
(all amounts in US$ unless otherwise stated)
Vancouver, Canada - Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) is pleased to announce good progress on the conversion of its 5.25% convertible unsecured senior subordinated debentures due July 31, 2009 (the "Debentures"). Pursuant to an offer made by the Company on April 7, 2004, holders of approximately $70.8 million of the $86.25 million outstanding principal amount of the Debentures have converted their Debentures into common shares. The increase in Pan American's common share price since the Debentures were issued in July 2003 has facilitated the offer for early conversion, allowing debenture holders to realize significant gains on the underlying share price while allowing the Company to materially reduce its long term debt. The conversion offer remains open until May 21, 2004.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration of qualification under the securities laws of any such state
For further information, including copies of the written offer documents or the U.S. final prospectus relating to the common shares issued in connection with the conversion offer, contact:
Brenda Radies, VP Corporate Relations
(604) 684-1175
www.panamericansilver.com |
|
