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Tahoe Transaction

Creating the World's Premier Silver Mining Company

On February 22, 2019, Pan American Silver completed the plan of arrangement to acquire all of the outstanding shares of Tahoe Resources Inc.

The transaction advances Pan American Silver's vision to be the largest, low-cost primary producer of silver in the world. Pan American Silver is now the largest publicly-traded silver mining company by free float, offering investors exposure to:

  • A world class primary silver asset portfolio with the largest silver reserve base
  • Several catalysts to grow shareholder value
  • A well capitalized company with a strong financial position

Archived Tahoe Disclosure

Regulatory Filings for Tahoe Resources are available at:

Contingent Value Right (CVR)

Under the plan of arrangement with Pan American Silver, shareholders of Tahoe Resources Inc. were entitled to receive, among other consideration, one contingent value right (“CVR”) for each common share of Tahoe held immediately prior to 12:01 a.m. (Pacific Time) on February 22, 2019 (the “Effective Time”).

The CVRs will be exchanged for 0.0497 of a Pan American share upon first commercial shipment of concentrate following restart of operations at the Escobal mine in Guatemala. The Escobal mine has been on care and maintenance since July 2017.

The CVRs have a term of ten years. The CVRs are not listed on an exchange and may only be transferred pursuant to the transfer procedures set out in the Rights Indenture. Because the CVRs are not listed on an exchange, it is difficult to determine a market value for them.

At the Effective Time, Pan American estimates the fair market value of each CVR was CAD$0.28. This estimate of fair market value is not binding upon third parties, including tax authorities.

Rights Indenture

Escuche Al Presidente Ejecutivo de Pan American Silver sobre la adquisición

Hear about the acquisition from Pan American's CEO