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Maverix Metals and Pan American Silver Announce Closing of Secondary Offering
Maverix Metals and Pan American Silver Announce Closing of Secondary Offering Cana...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n\nMaverix Metals and Pan American Silver Announce Closing of Secondary Offering\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\n\nCanada NewsWire\nVANCOUVER, BC, June 5, 2020\n\n\n\nVANCOUVER, BC, June 5, 2020 /CNW/ - Maverix Metals Inc. (NYSE American & TSX: MMX) (the \"Company\" or \"Maverix\") and Pan American Silver Corp. (NASDAQ & TSX: PAAS) (\"Pan American\") are pleased to announce the closing of the previously announced overnight marketed secondary offering of common shares of Maverix held by Pan American, including the exercise in full of the over-allotment option (together, the \"Secondary Offering\"). Pursuant to the Secondary Offering, Pan American sold 10,350,000 common shares of Maverix at a price of US$4.40 per common share for aggregate gross proceeds of US$45,540,000.\nThe Secondary Offering was made pursuant to an underwriting agreement dated May 29, 2020 (the \"Underwriting Agreement\") between Maverix, Pan American and a syndicate of underwriters co-led by Raymond James Ltd., as sole bookrunner, and PI Financial Corp., and including National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Stifel GMP (collectively, the \"Underwriters\"). Pursuant to the Underwriting Agreement, Pan American paid the Underwriters a cash commission equal to 4.0% of the gross proceeds of the Secondary Offering.\nThe Secondary Offering was made by way of a prospectus supplement dated May 29, 2020 to the Company's existing U.S. registration statement on Form F-10 and Canadian short form base shelf prospectus, the latter each dated September 13, 2019.\nAs previously announced, Pan American has acquired ownership or control of an additional 8,250,000 common shares of Maverix through the exercise of 8,250,000 common share purchase warrants (the \"Warrants\"). 5,000,000 Warrants had an exercise price of US$1.56 and 3,250,000 Warrants had an exercise price of US$2.408. Maverix received gross proceeds of approximately US$15.6 million. After the exercise of the Warrants, Maverix will have...