Company to Repurchase up to 5% of Issued and
Outstanding Common Shares
VANCOUVER, Dec. 17, 2014 /CNW/ - Pan American Silver
Corp. (PAAS: NASDAQ; PAA: TSX) ("Pan American" or the
"Company") today announced that the Toronto Stock Exchange (the
"TSX") has accepted the Company's notice of its intention to make a
normal course issuer bid (the "Bid") to purchase up to 7,575,290 of
its common shares, representing up to 5% of Pan American's issued
and outstanding shares as of December
7, 2014. Purchases pursuant to the bid will be made on
the open market through the facilities of the TSX and the Nasdaq
Global Select Market ("NASDAQ") and other Canadian trading
platforms. The period of the Bid will begin on December 22, 2014 and will continue until
December 21, 2015 or an earlier date
should the Company complete its 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 its common shares pursuant to the Bid,
it is not obligated to make any purchases.
Pan American did not make any purchases under its previous
normal course issuer bid program announced by the Company on
November 28, 2013. The previous
normal course issuer bid commenced on December 5, 2013 and ended on December 4, 2014.
As at December 7, 2014, the number
of Pan American's issued and outstanding common shares totaled
151,505,815. In accordance with the rules of the TSX, the
maximum daily purchases on the TSX under this normal course issuer
bid will be 51,601 common shares, which is 25% of the average
daily trading volume for the Company's common shares on the TSX for
the six months ended November 30,
2014 which was 206,404 common shares. In accordance
with applicable U.S. securities laws, the maximum daily purchases
on NASDAQ under this normal course issuer bid will be 25% of the
average daily trading volume for the Company's common shares in the
four weeks preceding the day on which the purchases are to be
made.
Pan American is undertaking the Bid because, in the opinion of
its board of directors, the market price of its common shares, from
time to time, may not fully reflect the underlying value of its
mining operations, properties and future growth prospects. The
Company believes that in such circumstances, the outstanding common
shares represent an appealing investment option for Pan American
since a portion of the Company's cash balance can be invested for
an attractive risk adjusted return through the Bid.
A copy of the Company's notice of its intention to make a normal
course issuer bid filed with the TSX can be obtained from the
Corporate Secretary of Pan American without charge.
About Pan American Silver
Pan American's mission is to be the world's pre-eminent silver
producer, with a reputation for excellence in discovery,
engineering, innovation and sustainable development. The
Company has seven operating mines in Mexico, Peru,
Argentina and Bolivia. Pan
American also owns several development projects in the USA, Mexico,
Peru and Argentina.
SOURCE Pan American Silver Corp.