Pan American shareholders approve Corner Bay merger
VANCOUVER, Sep 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- Pan American Silver Corp. (NASDAQ: PAAS; TSE: PAA) is pleased to announce that at its Extraordinary General Meeting, held today in Vancouver, shareholders voted overwhelmingly in favor of Pan American's proposed merger with Corner Bay Silver Inc. Corner Bay is the owner of the Alamo Dorado silver-gold deposit, located in Sonora, Mexico. Under the merger agreement, Pan American will acquire all of the issued and outstanding shares of Corner Bay. Each Corner Bay share will be exchanged for 0.385 common shares of Pan American plus 0.1925 Pan American warrants. Each whole warrant will allow the holder to purchase a common share of Pan American for a price of C$12 for five years. Closing of the merger is conditional upon obtaining agreement on the acquisition of water rights for the Alamo Dorado project and is anticipated to be completed by no later than mid-November.
Ross J. Beaty, Chairman and C.E.O. or Rosie Moore, VP Corporate Relations
604-684-1175
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements, such as estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Pan American's future plans, objectives or goals. Actual results and developments may differ materially from those contemplated by these statements depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Pan American's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Pan American is active, labor relations and other risk factors listed from time to time in Pan American's Form 40-F.
SOURCE Pan American Silver Corp. |
