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Gold/Mining/Energy : Corner Bay Silver (BAY.T) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (4284)	6/19/2002 6:07:05 PM
From: arizzzona	Read Replies (1) \| Respond to of 4409

NEWS!!!! biz.yahoo.com Wednesday June 19, 6:01 pm Eastern Time Press Release SOURCE: Pan American Silver Corp. Pan American and Corner Bay agree to revised merger terms VANCOUVER, June 19 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS - News; TSE: PAA - News) and Corner Bay Silver Inc. (TSE: BAY - News) announce that the terms for their proposed merger (announced May 21st) have been modified. Under the new terms, each Corner Bay share will be exchanged for 0.385 common shares of Pan American plus 0.1925 of a Pan American warrant. Each whole warrant will allow the holder to purchase a common share of Pan American for a price of C$12 for five years. The warrants will, subject to regulatory approval, be listed on the Toronto Stock Exchange. Under the new plan of arrangement, no provision is made for the creation and distribution of shares in a new exploration company. Since Corner Bay currently has 20.8 million shares on a fully diluted basis, Pan American is expected to issue approximately 8 million common shares and approximately 4 million share purchase warrants to complete the transaction. Completion of the merger is subject to satisfactory fairness opinions and the signing of a definitive agreement, expected by late June, and to regulatory and shareholder approvals, anticipated in early September.