VANCOUVER, March 30, 2012 /PRNewswire/ - Pan American Silver
Corp. ("Pan American") (TSX: PAA; NASDAQ: PAAS) and Minefinders
Corporation Ltd. ("Minefinders") (TSX: MFL; NYSE/AMEX: MFN) today
completed the previously announced plan of arrangement (the
"Arrangement") under the Business Corporations Act
(Ontario) whereby Pan American
acquired all of the issued and outstanding common shares of
Minefinders.
Under the terms of the Arrangement former
Minefinders shareholders who elected the full proration option
received CDN$1.84 and 0.55 of a Pan
American share in respect of each of their Minefinders
shares. Former Minefinders shareholders who elected the Pan
American share option received 0.6235 Pan American shares and
CDN$0.0001 for each of their
Minefinders shares, and those who elected the cash option received
CDN$2.0306 and 0.5423 of a Pan
American share in respect of each of their shares.
Geoff Burns, Pan
American's President and CEO, said: "We are extremely pleased to
have concluded the acquisition of Minefinders. This strategic
transaction increases our near-term silver and gold production and
cash flow, and meaningfully reduces our average cash costs across
our eight producing mines, while at the same time geographically
de-risking our overall portfolio. In addition, Pan American
should reap the benefits of a sector leading and well sequenced
growth profile.
As the Arrangement has now completed, the
Minefinders shares will be de-listed from the TSX and the NYSE
Amex.
About Pan American
Pan American's mission is to be the world's
largest low-cost primary silver mining company by increasing its
low-cost silver production and silver reserves. It has eight
operating mines in Mexico,
Peru, Argentina and Bolivia. Pan American also owns advanced
development projects in Argentina
and Mexico. For more
information about Pan American, please visit Pan American's website
at www.panamericansilver.com.
None of the securities anticipated issued pursuant to the
Arrangement have been or will be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws, and any securities issued in the
Arrangement are anticipated to be issued in reliance upon available
exemptions from such registration requirements pursuant to Section
3(a) (10) of the U.S. Securities Act and applicable exemptions
under state securities laws. This press release does not
constitute an offer to sell or the solicitation of an offer to buy
any securities.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
CERTAIN OF THE STATEMENTS AND INFORMATION IN
THIS PRESS RELEASE CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN
THE MEANING OF THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
"FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF APPLICABLE
CANADIAN PROVINCIAL SECURITIES LAWS. ALL STATEMENTS, OTHER
THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING
STATEMENTS. WHEN USED IN THIS PRESS RELEASE, THE
WORDS, "WILL", "COULD", "MAY", "ADVANCE", "ANTICIPATE" AND OTHER
SIMILAR WORDS AND EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS
OR INFORMATION. THESE FORWARD-LOOKING STATEMENTS OR
INFORMATION RELATE TO, AMONG OTHER THINGS: THE COMBINED COMPANY'S
EXPECTED GOLD AND SILVER PRODUCTIONS, CASH COSTS, GEOGRAPHICAL
RISK, AND GROWTH OPPORTUNITIES.
THESE STATEMENTS REFLECT THE COMPANIES'
CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY
BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE
CONSIDERED REASONABLE BY THE COMPANIES, ARE INHERENTLY SUBJECT TO
SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL
UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS, BOTH KNOWN AND
UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO
BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR
ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESS RELEASE AND THE
COMPANIES HAVE MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED
TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION:
FLUCTUATIONS IN SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE
METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL
AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE
PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO
VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND
OPERATIONAL NATURE OF THE COMPANIES' BUSINESSES; CHANGES IN
NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR
REGULATIONS INCLUDING, AMONG OTHERS, CHANGES TO IMPORT AND EXPORT
REGULATIONS AND LAWS RELATING TO THE REPATRIATION OF CAPITAL AND
FOREIGN CURRENCY CONTROLS; POLITICAL OR ECONOMIC DEVELOPMENTS IN
CANADA, THE UNITED STATES, MEXICO, PERU,
ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANIES
MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND HAZARDS ASSOCIATED
WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND MINING
(INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR
UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVEINS
AND FLOODING); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL
CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE
COMPANIES DO BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN
INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS;
RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS
POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH
MINING INPUTS AND LABOUR; THE SPECULATIVE NATURE OF MINERAL
EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING
NECESSARY LICENSES AND PERMITS AND THE PRESENCE OF LAWS AND
REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE
CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF
MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL
CONDITIONS; PAN AMERICAN'S ABILITY TO COMPLETE AND SUCCESSFULLY
INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION
RISKS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANIES'
TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL
RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC
EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH
UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN
THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL,
AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION
"RISKS RELATED TO THE COMPANY'S BUSINESS" IN THE COMPANIES' MOST
RECENT FORMS 40-F AND ANNUAL INFORMATION FORMS FILED WITH
THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY
AUTHORITIES. INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE
CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS. ALTHOUGH THE
COMPANIES HAVE ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER
FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED,
DESCRIBED OR INTENDED. THE COMPANIES DO NOT INTEND, AND DO NOT
ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING STATEMENTS
OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN
CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR
INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.
SOURCE Pan American Silver Corp.