Pan American Silver shareholders approve Tahoe Resources acquisition

Panamerican Silver has operating mines in Mexico, Peru (pictured) and Bolivia, but its $1 billion Navidad Project in Argentina is the world’s largest undeveloped silver deposit. (Image courtesy of Panamerican Silver.)

Pan American Silver (TSX: PAAS) announced Tuesday that shareholders overwhelmingly (98%) approved the resolution to increase the maximum number of authorized shares of Pan American and the resolution to issue up to 72,533,152 Pan American shares in connection with the proposed plan of arrangement that Pan American will acquire all of the issued and outstanding shares of Tahoe Resources.

Tahoe shareholders also approved the arrangement, which is subject to approval by the Supreme Court of British Columbia and is expected to be completed on or about February 26, 2019, following authorization from the Mexican Federal Economic Competition Commission.

“We are very pleased to see strong shareholder support for our acquisition of Tahoe,” said Michael Steinmann, president and CEO of Pan American in a media statement. “This is a logical combination that provides investors with exposure to a geographically diversified portfolio of some of the world’s best silver mining assets.”

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