Business
Pan American Silver and Agnico Eagle Mines Confirm Termination of Gold Fields Transaction and Announce Activation of Arrangement Agreement with Yamana Gold
VANCOUVER, BC and TORONTO, Nov. 8, 2022 /CNW/ - Pan American Silver Corp. (TSX: PAAS) (Nasdaq: PAAS) ("Pan American") and Agnico Eagle Mines Limited (TSX:
About this update from Pan American Silver Corp.
[{"type":"text","content":" VANCOUVER, BC and TORONTO, Nov. 8, 2022 /CNW/ - Pan American Silver Corp. (TSX: PAAS) (Nasdaq: PAAS) (\"Pan American\") and Agnico Eagle Mines Limited (TSX: AEM) (NYSE: AEM) (\"Agnico Eagle\") are pleased to announce that the arrangement agreement with Yamana Gold Inc. (\"Yamana\") which Yamana entered into earlier today (the \"Pan American-Agnico Arrangement Agreement\") has become effective upon the termination today by Gold Fields Limited (\"Gold Fields\") of the arrangement agreement between Yamana and Gold Fields entered into on May 31, 2022 (the \"Gold Fields Arrangement Agreement\"). The Pan American-Agnico Arrangement Agreement remains the same as previously announced by Pan American and Agnico Eagle earlier today, November 8, 2022. A copy of the press release issued earlier today is available under the SEDAR profiles (www.sedar.com) of Pan American and Agnico Eagle. The previously scheduled special meeting of Yamana shareholders for Monday November 21, 2022 under the Gold Fields Arrangement Agreement will be cancelled, and Yamana will pay a termination fee of US$300 million to Gold Fields in accordance with the terms of the Gold Fields Arrangement Agreement. Pursuant to the terms of the Pan American-Agnico Arrangement Agreement, Pan American shall fund US$150 million in cash to Yamana to pay a portion of such termination fee. Pan American to host conference call and webcast Pan American will discuss the transaction during its previously scheduled conference call and webcast in conjunction with the release of the Company's unaudited results for the third quarter of 2022. Details are as follows: Toll-free in Canada and the U.S.: 1-800-319-4610International: +1-604-638-5340Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=OACOqFfL The presentation slides will be available at https://www.panamericansilver.com/investors/events-and-presentations/ An archive of the webcast will also be available for three months on Pan American's website. About Pan American Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. It also owns the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver product...