Pan American Silver, MacMillan Minerals Enter Arrangement with Maverix Metals to Launch New Company
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Pan American Silver Corp. and MacMillan Minerals Inc. entered into an arrangement agreement dated April 18, 2016 with Maverix Metals Inc., which when completed will launch Maverix as a new publicly traded royalty and streaming company.
Under the terms of the arrangement, MacMillan will acquire all of the issued and outstanding securities of Maverix. Concurrently MacMillan will purchase a package of 13 royalties and precious metal streams from Pan American.
On the closing of the arrangement, MacMillan will be renamed Maverix Metals Inc. Geoff Burns, the former CEO of Pan American, will be appointed as the chairman of the combined company and Daniel O’Flaherty will be appointed as Maverix’s chief executive officer.
“I am truly excited about the future prospects for Maverix. The portfolio of royalties and metal streams that has been assembled provides a solid, cash generating foundation to build upon. I look forward to working closely with a newly configured and knowledgeable board, a lean, aggressive and innovative management group and with the support of Pan American, to prudently grow our portfolio and create value for all of Maverix’s shareholders,” said Geoff Burns, chairman of Maverix.
“The timing is right, the vehicle is right and I firmly believe that bringing a financially disciplined approach to growth in this sector will handsomely reward Pan American for its confidence in supporting the creation of Maverix,” added Burns.
“The board of directors and the senior management of MacMillan are unanimously in favor of the arrangement and are recommending that all shareholders vote to approve the transaction. We are extremely pleased to be able to offer this significant transaction to our shareholders. The addition of the new directors and management to MacMillan, the acquisition of the royalties and streams, and the influx of capital, ensures the long term viability of MacMillan, and provides a tremendous opportunity for our shareholders to realize value,” said Thomas Skimming, chief executive officer of MacMillan.
To read more details about this transaction, CLICK HERE
About Pan American Silver Corp.
Pan American’s mission is to be the world’s pre-eminent silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. Pan American has seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in Mexico, USA, Peru and Argentina.
To stop by Pan American’s website, CLICK HERE
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