Business
Wheaton Precious Metals Announces Closing of New Precious Metals Purchase Agreement with First Majestic on the San Dimas Mine and Early Warning Report Filed
Wheaton Precious Metals Announces Closing of New Precious Metals Purchase Agreement with F...
About this update from Wheaton Precious Metals Corp
[{"type":"text","content":"\n\n\n\nWheaton Precious Metals Announces Closing of New Precious Metals Purchase Agreement with First Majestic on the San Dimas Mine and Early Warning Report Filed\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, May 10, 2018\n\n\n\nTSX: WPMNYSE: WPM\n\n\n\nVANCOUVER, May 10, 2018 /CNW/ - Wheaton Precious Metals™ Corp. (\"Wheaton\" or the \"Company\") is pleased to announce that the new precious metals purchase agreement with First Majestic Silver Corp (\"First Majestic\") (the \"First Majestic PMPA\") on the San Dimas mine has now closed following the completion of the plan of arrangement (the \"Arrangement\") whereby First Majestic has acquired all of the outstanding common shares of Primero Mining Corp. (\"Primero\"). \n\nAs previously announced on January 12, 2018, in connection with the Arrangement, Wheaton Precious Metals International Ltd. (\"Wheaton International\") agreed to terminate the existing San Dimas silver purchase agreement with Primero (the \"Existing SPA\") and enter into the First Majestic PMPA. The Arrangement was completed on May 10, 2018. \n\nFirst Majestic PMPA Terms: \n\n\n25% of gold production plus an additional amount of gold equal to 25% of silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from San Dimas, with provisions to adjust the gold to silver ratio if the average gold to silver ratio moves above or below 90:1 or 50:1, respectively, for a period of six months\nFor each ounce of gold delivered, Wheaton International will pay to First Majestic a production payment equal to the lesser of US$600/oz, subject to a 1% annual inflationary adjustment, and the prevailing market price \n\nFor more information on the First Majestic PMPA, please refer to Wheaton's news release dated January 12, 2018.\n\nAs part of the transaction and in addition to the new stream, First Majestic issued 20,914,590 First Majestic common shares to Wheaton International (the \"First Majestic Shares\"). \n\n\"The acquisition of Primero by First Majestic marks the start of a new chapter for the San D...