/C O R R E C T I O N from source - Pan American Silver Corp./
April 18 2006 - 11:35AM
PR Newswire (US)
In TO204 sent today at 09:12e, the press release incorrectly stated
that an underwriters' over-allotment option to purchase 531,407
common shares of Pan American at a price of US$23.88 per share
remained outstanding. In fact, the option has been exercised by the
underwriters and is expected to close on April 21. VANCOUVER, April
18 /PRNewswire-FirstCall/ -- Pan American Silver Corp. (PAAS:
NASDAQ; PAA: TSX) has closed its previously announced public
offering of common shares (the "Offering"). Pursuant to the
Offering, Pan American today issued 5,750,000 common shares at a
price of US$23.88 per share, for aggregate gross proceeds of
US$137,310,000 and total proceeds, net of underwriting fees, of
US$130,787,755. The underwriters have also notified Pan American
that they will exercise their over-allotment option to purchase an
additional 531,407 common shares, at a price of US$23.88 per share
(the "Option"), which combined with the offering will result in
total gross proceeds of US$150,000,000 and total proceeds, net of
underwriting fees, of $142,874,999. Closing of the Option is
expected to occur on or about April 21, 2006. Pan American expects
to use the net proceeds of this Offering and the Option primarily
for the construction and development of its Manantial Espejo silver
project in Argentina and the remainder for working capital and
general corporate purposes. Bear, Stearns & Co. Inc. and BMO
Nesbitt Burns Inc. acted as joint book- running managers for the
Offering, and CIBC World Markets Inc., Merrill Lynch Inc.,
Canaccord Capital Corporation and National Bank Financial Inc.
acted as co-managers. This press release shall not constitute an
offer to sell or a solicitation of an offer to buy common shares
nor shall there be any sale of such securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Pan American
Silver Corp. is one of the world's largest publicly traded primary
silver producers with mining operations and development projects in
Mexico, Peru, Argentina, Bolivia and the United States. For Further
Information Contact: Pan American Silver Corp (604) 684-1175.
DATASOURCE: Pan American Silver Corp. CONTACT: Pan American Silver
Corp (604) 684-1175.
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