Pan American had previously entered into a shareholder agreement (the "Shareholder Agreement") with Maverix, pursuant to which Pan American is entitled to: (i) appoint up to two nominees for election to the Board of Directors of Maverix, depending on Pan American's shareholdings of Maverix; (ii) certain pre-emptive rights in respect of equity financings of Maverix, including certain anti-dilution rights; and (iii) certain qualification rights in respect of Pan American's shareholding. Under the Shareholder Agreement, Pan American's shareholdings in Maverix are subject to certain restrictions, including a two year hold period until July 8, 2018, and following that, certain rights of orderly disposition of its shareholdings. The Company further agreed to provide Maverix with an opportunity to make an offer to acquire any metal stream or metal royalty transactions which Pan American contemplates granting on certain of its properties.
The Company's acquisition was made for investment purposes. The Company may, in the future, acquire ownership and control over additional securities of Maverix for investment purposes.
About Pan American Silver
Pan American Silver Corp. is one of the largest primary silver producers in the world. We own and operate seven mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in the USA, Mexico, Peru and Argentina. Our mission is to be the world's pre-eminent silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. The Company is headquartered in Vancouver, B.C. and our shares trade on NASDAQ (PAAS) and the Toronto Stock Exchange (PAA).
For more information, visit: www.panamericansilver.com
SOURCE Pan American Silver Corp.