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Maverix Metals Inc. Completes Acquisition of Royalty, Stream and Payment Agreement Portfolio from Pan American Silver Corp. and Commences Trading
Maverix Metals Inc. Completes Acquisition of Royalty, Stream and Payment Agreement Portfol...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n\nMaverix Metals Inc. Completes Acquisition of Royalty, Stream and Payment Agreement Portfolio from Pan American Silver Corp. and Commences Trading\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\nMaverix Metals Inc. Completes Acquisition of Royalty, Stream and Payment Agreement Portfolio from Pan American Silver Corp. and Commences Trading\nCanada NewsWire\nTORONTO, July 11, 2016\n\n\n\nTORONTO, July 11, 2016 /CNW/ - Maverix Metals Inc. (formerly MacMillan Minerals Inc.) (TSXV: MMX) (\"Maverix\" or the \"Company\") and Pan American Silver Corp. (\"Pan American\") are pleased to announce the closing of the previously announced plan of arrangement (the \"Arrangement\") pursuant to which Maverix acquired 13 royalties, precious metals streams and payment agreements (the \"portfolio\") from Pan American.  \n\nAs part of the Arrangement, the Company has changed its name from MacMillan Minerals Inc. to Maverix Metals Inc. and consolidated its pre-Arrangement outstanding common shares on the basis of one post consolidation common share for each two pre-consolidation common shares.  The Company anticipates that its common shares will commence trading on the TSX Venture Exchange (\"TSXV\") on July 12, 2016, under the stock symbol \"MMX\".\n\nPursuant to the Arrangement, the Company issued a total of 75,929,091 post consolidation common shares.  Of this amount, Pan American received 42,850,000 common shares and 20,000,000 common share purchase warrants (the \"PAS Warrants\") in exchange for the portfolio. The PAS Warrants are exercisable for five years, with one-half exercisable at C$0.70 (US$0.564) per share and the other half exercisable at C$1.00 (US$0.78) per share. Following the close of the Arrangement, Maverix has a total of 79,837,856 issued and outstanding common shares, of which Pan American holds approximately 54 percent on a non-diluted basis.\n\nMr. Michael Steinmann, President and CEO of Pan American, said: \"This transaction should surface value for Pan American for a small group of our assets that have gone largely unrecognized by the market. As...