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Pan American Silver Corp
Symbol PAA
Shares Issued 151,505,815
Close 2014-12-17 C$ 10.80
Market Cap C$ 1,636,262,802
Recent Sedar Documents

Pan American Silver to buy back 7.57 million shares

2014-12-17 20:06 ET - News Release

An anonymous director reports

PAN AMERICAN SILVER ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Pan American Silver Corp.'s notice of its intention to make a normal course issuer bid to purchase up to 7,575,290 of its common shares, representing up to 5 per cent of Pan American's issued and outstanding shares as of Dec. 7, 2014. Purchases pursuant to the bid will be made on the open market through the facilities of the Toronto Stock Exchange and the Nasdaq Global Select Market and other Canadian trading platforms. The period of the bid will begin on Dec. 22, 2014, and will continue until Dec. 21, 2015, or an earlier date should the company complete its purchases.

Pan American will pay the market price at the time of acquisition of any common shares, in accordance with the rules and policies of the TSX and Nasdaq and applicable securities laws. All common shares acquired by the company under the bid will be cancelled, and purchases will be financed out of Pan American's working capital. Although the company has a present intention to acquire its common shares pursuant to the bid, it is not obligated to make any purchases.

Pan American did not make any purchases under its previous normal course issuer bid program, announced by the company on Nov. 28, 2013. The previous normal course issuer bid commenced on Dec. 5, 2013, and ended on Dec. 4, 2014.

As at Dec. 7, 2014, the number of Pan American's issued and outstanding common shares totalled 151,505,815. In accordance with the rules of the TSX, the maximum daily purchases on the TSX under this normal course issuer bid will be 51,601 common shares, which is 25 per cent of the average daily trading volume for the company's common shares on the TSX for the six months ended Nov. 30, 2014, which was 206,404 common shares. In accordance with applicable U.S. securities laws, the maximum daily purchases on Nasdaq under this normal course issuer bid will be 25 per cent of the average daily trading volume for the company's common shares in the four weeks preceding the day on which the purchases are to be made.

Pan American is undertaking the bid because, in the opinion of its board of directors, the market price of its common shares, from time to time, may not fully reflect the underlying value of its mining operations, properties and future growth prospects. The company believes that in such circumstances, the outstanding common shares represent an appealing investment option for Pan American since a portion of the company's cash balance can be invested for an attractive risk-adjusted return through the bid.

A copy of the company's notice of its intention to make a normal course issuer bid, filed with the TSX, can be obtained from the corporate secretary of Pan American without charge.

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