Key Developments: Pan American Silver Corp (PAAS.O)
11.85USD
18 Jun 2013
$-0.26 (-2.15%)
$12.11
$12.05
$12.18
$11.82
2,000,079
2,367,141
$22.83
$11.51
Latest Key Developments (Source: Significant Developments)
Pan American Silver Corp Approves Second Quarterly Cash Dividend
Pan American Silver Corp announced that the Board of Directors has approved the second quarterly cash dividend of 2013 in the amount of $0.125 per common share. The cash dividend will be distributed on or about June 5, 2013 to holders of record of common shares as of the close of business on May 24, 2013. Full Article
Esperanza Resources Corp Enters Into Agreement With Pan American Silver To Acquire Three Advanced Gold Projects
Esperanza Resources Corp announced that it has entered into a binding letter agreement (the Agreement) with Pan American Silver Corp (Pan American) whereby: Esperanza will acquire a portfolio of advanced stage gold projects including the La Bolsa project in Mexico, the Pico Machay project in Peru, the Calcatreu project in Argentina and related exploration properties from Pan American for consideration of 50,900,000 common shares and 10,000,000 warrants of Esperanza (the Acquisition); Pan American will subscribe for 20,600,000 Common Shares of Esperanza at a price of $1.70 per Common Share representing a premium of 29% to the 20-day volume weighted average share price on the TSX Venture Exchange and a 48% premium to the closing price on February 22, 2013 (the Offering); and Esperanza and Pan American have committed to enter into a $15,000,000 standby convertible credit facility (the Standby Facility and, collectively with the Acquisition and the Offering, the Transaction). Full Article
Pan American Silver Corp Increases Cash Dividend By 150%
Pan American Silver Corp announced that the its Board of Directors has approved the first quarterly cash dividend of 2013 and increased the amount of the quarterly cash dividend by 150% to $0.125 per common share, representing dividends of $0.50 per common share on an annual basis assuming the Board of Directors approves future quarterly dividends in this amount. The cash dividend in the amount of $0.125 per common share will be distributed on or about March 18, 2013 to holders of record of common shares as of the close of business on March 4, 2013. Pan American's dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada). Full Article
Fortuna Silver Mines Incs' Subsidiary Signs Acquisition And Option Agreement For Taviche Oeste Concessions from Pan American Silver Corp's Subsidiary
Fortuna Silver Mines Inc announced that Compania Minera Cuzcatlan S.A. de C.V. a wholly owned subsidiary of the Company and Plata Pan American S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corp have entered into an acquisition and option agreement for the 6,254 hectare Taviche Oeste Concessions immediately surrounding the San Jose Mine in Oaxaca, Mexico. Cuzcatlan will purchase a 55% undivided interest in the Taviche Oeste Concessions for a cash payment of USD4.0 million. Once a production decision is made to develop ore from the Taviche Oeste Concessions, Cuzcatlan will purchase the remaining 45% undivided interest in the property for USD6.0 million. Plata Pan American will retain a 2.5% net smelter royalty on ore production from this property. The transaction is expected to close January 30, 2013. Full Article
Pan American Silver Corp Announces Fourth Quarterly Dividend
Pan American Silver Corp announced that the Company's Board of Directors has approved the fourth quarterly dividend of 2012. The cash dividend, in the amount of $0.05 per share will be distributed on or about December 3, 2012 to holders of record of common shares as of the close of business on November 19, 2012. Full Article
Pan American Silver Corp Announces Normal Course Issuer Bid
Pan American Silver Corp announced that the Toronto Stock Exchange has accepted the Company's notice of intention to make a normal course issuer bid to purchase up to 7,607,277 of common shares, representing up to 5% of Pan American's issued and outstanding shares as of August 20, 2012. Purchases pursuant to the bid will be made on the open market through the facilities of the TSX and the Nasdaq Global Select Market. The period of the Bid will begin on September 4, 2012 and will continue until September 3, 2013 or an earlier date should the Company complete purchases. Pan American will pay the market price at the time of acquisition of any common shares in accordance with the rules and policies of the TSX and NASDAQ and applicable securities laws. All common shares acquired by the Company under the Bid will be cancelled and purchases will be funded out of Pan American's working capital. Although the Company has a present intention to acquire common shares pursuant to the Bid, it is not obligated to make any purchases. Full Article
Pan American Silver Corp Increases Quarterly Dividend By 33% and Declares Third Dividend of 2012
Pan American Silver Corp announced that its Board of Directors has approved the third quarterly cash dividend of 2012 and has increased the dividend by 33% to $0.05 per common share. For shareholders, this would represent an increase from $0.15 to $0.20 per common share on an annualized basis, assuming the Board of Directors (the Board) approves future quarterly dividends in this amount. The cash dividend will be distributed on or about September 10, 2012 to holders of record of common shares as of the close of business on August 27, 2012. Specific distribution dates and amounts of future dividends will be determined by the Board on an ongoing basis. Full Article
Pan American Silver Corp. Announces Sale Of Quiruvilca Mine in Peru
Pan American Silver Corp. announced that it has completed the sale of its Quiruvilca operation, located in the northern Andean region of Peru, to Quiruvilca Ltd., a subsidiary of Southern Peaks Mining L.P. (together, the Purchaser), a Cayman Island limited partnership with other mining assets in Peru. Under the terms of the sale agreement, effective June 1, 2012, Pan American sold 100% of its ownership interest in Pan American Silver S.A. Mina Quiruvilca (Quiruvilca), the Company that holds 100% of the Quiruvilca mine, to the Purchaser. The Purchaser has agreed to pay $2 million, subject to certain adjustments, in exchange for 100% of the assets and the assumption of all liabilities of Quiruvilca. In addition to the cash payment, the Purchaser will also pay to Pan American on a quarterly basis, at Pan American's election, either: a 2% net smelter returns royalty on all saleable metals, exercisable when the price of silver is above $15 per ounce; the price of zinc is above $1,200 per tonne; and the price of copper is above $6,061 per tonne, or the price difference between $23 per ounce of silver and the market price on 50% of Quiruvilca's future payable silver production for the applicable quarter; provided, however, that such payments will be capped at $3 million in any 12 month period until such time as Quiruvilca generates $25 million in EBITDA as calculated pursuant to the sale agreement. Full Article
Pan American Silver profit falls on higher costs
- Pan American Silver Corp reported a drop in first-quarter earnings on Tuesday as the silver producer was hit by higher costs and a charge on the sale of certain gold assets.
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