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Pan American Silver and MacMillan Minerals announce arrangement with Maverix Metals to form a new metal royalty and streaming company led by former Pan American Silver CEO
Pan American Silver and MacMillan Minerals announce arrangement with Maverix Metals to for...
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[{"type":"text","content":"\n\n\n\nPan American Silver and MacMillan Minerals announce arrangement with Maverix Metals to form a new metal royalty and streaming company led by former Pan American Silver CEO\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPan American Silver and MacMillan Minerals announce arrangement with Maverix Metals to form a new metal royalty and streaming company led by former Pan American Silver CEO\nCanada NewsWire\nTORONTO, April 18, 2016\n\n\n\nTORONTO, April 18, 2016 /CNW/ - Pan American Silver Corp. (\"Pan American\") and MacMillan Minerals Inc. (TSX-V:MMX) (\"MacMillan\") are pleased to announce that they have entered into an arrangement agreement dated April 18, 2016 (the \"Arrangement\") with Maverix Metals Inc. (\"Maverix\"), which when completed, will launch Maverix as a new publicly traded royalty and streaming company.\n\nUnder the terms of the Arrangement, MacMillan will acquire all of the issued and outstanding securities of Maverix (the \"Reverse Takeover\", or \"RTO\"). Concurrently MacMillan will purchase a package of thirteen royalties and precious metal streams from Pan American (collectively, the \"Portfolio\", as described below). \n\nOn the closing of the Arrangement, MacMillan will be renamed Maverix Metals Inc. and will continue to trade as MMX on the TSX Venture Exchange. Mr. Geoff Burns, the former CEO of Pan American, will be appointed as the Chairman of the combined company and Mr. Daniel O'Flaherty will be appointed as Maverix's Chief Executive Officer. \n\nTransaction Highlights\n\n\nSurfacing Value: This is an opportune time in the precious metals cycle for Pan American to consolidate and expose to the market a portfolio of royalties and metal streams, previously widely dispersed throughout Pan American and its subsidiaries; \nCash Flow Positive: With immediate cash flow from existing streams and royalties and a healthy balance sheet (CAD$5.5 million in cash, after transactions expenses) Maverix will be well positioned to pursue further opportunities in the precious metals sector; \nSignificant Price Leverage and Growth Potential: The Por...