March 30, 2012
/PRNewswire/ - Pan American Silver Corp. ("Pan American") (TSX: PAA; NASDAQ: PAAS) and Minefinders Corporation Ltd. ("Minefinders") (TSX: MFL; NYSE/AMEX: MFN) today completed the previously announced plan of arrangement (the "Arrangement") under the
Business Corporations Act
) whereby Pan American acquired all of the issued and outstanding common shares of Minefinders.
Under the terms of the Arrangement former Minefinders shareholders who elected the full proration option received
and 0.55 of a Pan American share in respect of each of their Minefinders shares. Former Minefinders shareholders who elected the Pan American share option received 0.6235 Pan American shares and
for each of their Minefinders shares, and those who elected the cash option received
and 0.5423 of a Pan American share in respect of each of their shares.
, Pan American's President and CEO, said: "We are extremely pleased to have concluded the acquisition of Minefinders. This strategic transaction increases our near-term silver and gold production and cash flow, and meaningfully reduces our average cash costs across our eight producing mines, while at the same time geographically de-risking our overall portfolio. In addition, Pan American should reap the benefits of a sector leading and well sequenced growth profile.
As the Arrangement has now completed, the Minefinders shares will be de-listed from the TSX and the NYSE Amex.
About Pan American
Pan American's mission is to be the world's largest low-cost primary silver mining company by increasing its low-cost silver production and silver reserves. It has eight operating mines in
. Pan American also owns advanced development projects in
. For more information about Pan American, please visit Pan American's website at
None of the securities anticipated issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a) (10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.