VANCOUVER, May 8, 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 second quarterly cash dividend payment for 2014 of US$0.07 per common share and the implementation of the Dividend Reinvestment Plan ("DRIP").
Second Quarterly DividendThe second 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 May 20, 2014, and will be distributed on or about May 30, 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 is implementing the previously announced DRIP commencing with the second dividend of 2014. Participation in the DRIP is optional. For the purposes of the second dividend, the Company has elected to issue common shares under the DRIP through treasury at a 3% discount to the Average Market Price, as defined in the DRIP. However, 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. The DRIP and enrollment forms are available for download on the Company's website at http://www.silverwheaton.com, accessible by quick links directly from the home page, and can also be found in the 'investors' section, under the 'dividends' tab. Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at: https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/IssuerDetail.jsp?companyCode=1501. Beneficial shareholders should contact their financial intermediary to arrange enrollment. All shareholders considering enrollment in the DRIP should carefully review the terms of the DRIP and consult with their advisors as to the implications of enrollment in the DRIP.