VANCOUVER, March 20, 2014 /PRNewswire/ - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW) (NYSE:SLW) is pleased to announce that its Board of Directors has declared its first quarterly cash dividend payment for 2014 of US$0.07 per common share and adopted a Dividend Reinvestment Plan ("DRIP").
First Quarterly Dividend
The first quarterly cash dividend of US$0.07 will be paid to holders of record of Silver Wheaton common shares as of the close of business on April 4, 2014, and will be distributed on or about April 15, 2014.Under the Company's dividend policy, the quarterly dividend per common share will be equal to 20% of the average cash generated by operating activities in the previous four quarters divided by the Company's outstanding common shares at the time the dividend is approved, all rounded to the nearest cent. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Dividend Reinvestment Plan The Company has adopted the DRIP commencing with the second dividend of 2014 which will be paid after the announcement of the First Quarter 2014 Earnings Results. The DRIP remains subject to the final approval of regulators. Participation in the DRIP is optional. Participants in the DRIP may obtain additional Common Shares of the Company by automatically reinvesting all or any portion of the cash dividends paid on Common Shares held by the DRIP participant without paying any brokerage commissions, administrative costs or other service charges. In respect of Treasury Acquisitions under the DRIP, the Company can issue the common shares at a discount of up to 5% of the Average Market Price, as defined in the DRIP. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to Treasury Acquisitions or direct that such common shares be purchased in Market Acquisitions at the prevailing market price, any of which would be publicly announced.