Business
Pan American Silver files Management Information Circular in connection with the proposed Arrangement with Yamana Gold and Agnico Eagle Mines
VANCOUVER, BC, Dec. 28, 2022 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American") today announces it has filed the management
About this update from Pan American Silver Corp.
[{"type":"text","content":" VANCOUVER, BC, Dec. 28, 2022 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (\"Pan American\") today announces it has filed the management information circular (the \"Circular\") in respect of the special meeting (the \"Meeting\") of shareholders of Pan American (\"Shareholders\") to be held in connection with Pan American's proposed acquisition of all of the issued and outstanding common shares of Yamana Gold Inc. (\"Yamana\") and the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana's interests in the Canadian Malartic mine, to Agnico Eagle Mines Limited (\"Agnico\"), by way of a plan of arrangement (the \"Arrangement\") under the Canada Business Corporations Act. An electronic copy of the Circular is available on Pan American's website at https://www.panamericansilver.com/invest/arrangement-agreement-with-yamana/ and on SEDAR and EDGAR under Pan American's issuer profile at www.sedar.com and www.sec.gov, respectively. The mailing of the Circular and other materials to Shareholders will commence on or about January 4, 2023. Your vote is important regardless of the number of shares you own. Pan American encourages Shareholders to read the Circular in detail. YOUR VOTE IS IMPORTANT - PLEASE VOTE TODAY After careful consideration of the Arrangement, the Pan American Board of Directors UNANIMOUSLY RECOMMENDS that Shareholders VOTE FOR the proposed resolution. Reasons for and Benefits of the Arrangement This is a transformational and strategic transaction for Pan American, which will strengthen Pan American's position as the leader in silver and gold production in Latin America. Benefits to Shareholders include: A transformative increase in Pan American's scale, adding four producing mines, plus additional development projects in Latin America; Significantly improved trading liquidity (+50%)[1] with a pro forma US$5.6 billion market capitalization[2]; Meaningful impact to production and margin, demonstrated by representative 2022 pro forma figures[3]: Increase in annual silver production of approximately 9.5Moz; Increase in annual gold production of approximately 550koz; Expected lower overall cost structure – Yamana's Latin American assets forecast all-in sustaining cost (\"AISC\") of approximately US$981 per gold equivalent ounce (\"GEO\") in 2022; Broade...