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Pan American Invests in Kootenay Silver to Maintain 10% Ownership
Pan American Invests in Kootenay Silver to Maintain 10% Ownership Pan American Inv...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n\nPan American Invests in Kootenay Silver to Maintain 10% Ownership\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nPan American Invests in Kootenay Silver to Maintain 10% Ownership\nCanada NewsWire\nVANCOUVER, April 26, 2016\n\n\n\nVANCOUVER, April 26, 2016 /CNW/ - Kootenay Silver Inc. (TSXV: KTN) (\"Kootenay\") and Pan American Silver Corp. (TSX: PAA, NASDAQ: PAAS) (\"Pan American\") are pleased to announce that, following the issuance of Kootenay's common shares as consideration for Kootenay's acquisition of Northair Silver Inc. (see Kootenay press release dated April 21, 2016) as well as Kootenay's acquisition of the two and a half percent (2.5%) net smelter returns royalty from Coeur Capital, Inc. with respect to the future production of Kootenay's La Cigarra project (see Kootenay press release dated March 29, 2016), Pan American has exercised its second tranche option to subscribe for additional common shares of Kootenay in order to maintain a ten percent (10%) ownership interest in Kootenay's issued and outstanding shares (see Kootenay press release dated February 26, 2016) (the \"Second Tranche Option\") in accordance with the Subscription Agreement dated February 15, 2016 entered into between Pan American and Kootenay, as amended (the \"Subscription Agreement\").  As a result, Pan American intends to subscribe for 6,793,550 additional Kootenay common shares for an aggregate subscription price of CAD$1,553,431 (the \"Subscription Price\").\n\nTransaction Details\n\nThe Subscription Price for the exercise of the Second Tranche Option consists of the following:\n\n\nPan American's subscription for 5,723,550 common shares of Kootenay at the subscription price of CAD$0.22 per Kootenay common share for gross proceeds of CAD$1,259,181; and \nPan American's subscription for 1,070,000 common shares of Kootenay at the subscription price of CAD$0.275 per Kootenay common share for gross proceeds of CAD$294,250 (the \"Second Tranche Investment\").\n\nThe closing of the Second Tranche Investment is subject to certain standard condit...