Pan American Silver (TSX: Easter, Nyse: Easter) has successfully completed the acquisition of Mag Silver according to a regulation plan.
This transaction significantly improves the position of Pan American on the Silver Market by adding a 44 percent joint venture interest in the Juanicle Silver Mine in Zacatecas, Mexico. The mine is managed by Fresnillo (LSE: Fres) and is known for its large -scale, high -quality output.
The acquisition also includes 100 percent owned by the Larder Exploration Project and a 100 percent merit interest in the Deer Trail Exploration Project.
This step is set to strengthen the leading Silver Reserve Base of Pan American and to contribute to both cash flow growth in the short term and the long-term exploration potential. Michael Steinmann, President and CEO of Pan American, emphasized the quality and potential of the Juanicipio -my as an important addition to the company’s portfolio.
The transaction included may share shareholders who received a total of US $ 500 million in cash and around 60.2 million Pan -Marican shares. In addition to an acquisition, former MAG shareholders now have around 14.3 percent of the fully diluted Pan-American shares. The integration of MAG shareholders in Pan American is expected to improve the company’s diversification and growth process.
With the acquisition, Mag shares are expected to be removed from the Toronto Stock Exchange by 8 September and stopped trading on the NYSE American from 4 September.
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