Key Developments For Pan American Silver Corp.
Pan American Silver Corp. (PAAS.O) (Nasdaq)
Pan American Silver Corp. Reaffirms FY 2009 Guidance-Conference Call
Pan American Silver Corp. maintained fiscal 2009 guidance for production of 21.5 million ounces of silver and 85,000 ounces of gold.
Pan American Silver Corp. To Launch Friendly Offer For Aquiline Resources Inc.
Pan American Silver Corp. and Aquiline Resources Inc. (Aquiline) announced that they have signed a support agreement (Support Agreement) pursuant to which Pan American will make a formal take-over bid to acquire all of the issued and outstanding shares of Aquiline (Share Offer). Contemporaneously with the Share Offer, Pan American also proposes to make formal take-over bids for each outstanding series of Aquiline warrants and the Aquiline convertible debenture (together, the Convertible Security Offers). The transaction value implied by all of the offers is approximately $626 million. The Share Offer will be made on the basis of 0.2495 of a Pan American common share, plus 0.1 of a Pan American common share purchase warrant for each Aquiline common share. Each of these warrants will entitle the holder to acquire one Pan American common share at a price of $35.00 per Pan American common share for a period of five years after the date on which Pan American first pays for Aquiline common shares tendered to the Share Offer (the Five Year Pan American Warrant).Based on the closing price of Pan American common shares on the TSX on October 13, 2009 (and assuming a value of $0.81 for each 0.1 of a Five Year Pan American Warrant), the implied value of the Share Offer is $7.47 per Aquiline common share, which represents a premium of approximately 36.6% over the closing price of Aquiline common shares on the TSX on the same date.
Pan American Silver Corp. Reaffirms FY 2009 Production Guidance-Conference Call
Pan American Silver Corp. maintained fiscal 2009 guidance for production of 21.5 million ounces of silver and 85,000 ounces of gold.
Pan American Silver Corp. and Orko Silver Corp. Begins Comprehensive Drilling and Development Program at La Preciosa
Pan American Silver Corp. and Orko Silver Corp. announced that this week they commenced a comprehensive exploration and delineation drilling program at the La Preciosa silver project in Mexico. The Companies expect to complete approximately 30,000 meters of drilling on the property between now and the end of December of this year. The initial delineation drilling is specifically designed to upgrade Martha Vein inferred resources to measured and indicated status, while the exploration drilling will focus on several untested prominent vein structures within the joint venture property, that had been previously discovered by Orko. Pan American, operator of the La Preciosa joint venture, plans to spend a total of USD5.7 million in 2009, to complete the drill programs, as well as to initiate other project development related activities, including advanced metallurgical testing. Drilling activities will be carried out by Major Drilling S.A. de CV of Hermosillo. The first rig is now drilling and a second rig is scheduled to commence drilling in the next 10 days. Assay testing will be performed by SGS Mineral Services in Durango, Mexico.
Pan American Silver Corp. Reaffirms FY 2009 Production Guidance-Conference Call
Pan American Silver Corp. maintained fiscal 2009 guidance for production of 21.5 million ounces of silver and 85,000 ounces of gold.
