Pan American Silver Corp. Now Owns 84.5% of Aquiline Resources Inc.s Common Shares
Pan American Silver Corp. announce that it has been advised by Kingsdale Shareholder Services Inc. (the “Depositary”) that 67,216,956 common shares (the “Aquiline Shares”) of Aquiline Resources Inc. have been deposited to Pan American’s offer to acquire all of the issued and outstanding Aquiline Shares (the “Share Offer”), representing approximately 81.8% of the Aquiline Shares issued and outstanding as of December 7, 2009 calculated on a Diluted Basis (as defined below). In addition, Pan American has been advised by the Depositary that none of Aquiline’s February 2008 series of common share purchase warrants, none of Aquiline’s May 2008 series of common share purchase warrants and 1,925,000 of Aquiline’s October 2008 series of common share purchase warrants (the “October 2008 Warrants) (all warrants together, the “Aquiline Warrants”, and together with the Aquiline Shares and the Aquiline convertible debenture, the “Aquiline Securities”) have been deposited to Pan American’s offers to acquire each outstanding series of Aquiline Warrants and the Aquiline convertible debenture (together, the “Convertible Security Offers”, and together with the Share Offer, the “Offers”). Furthermore, Pan American has been advised by Aquiline that all of Aquiline’s November 2008 series of common share purchase warrants have been exercised for Aquiline Shares.
All of the conditions to the Offers have been satisfied and, accordingly, Pan American has taken up all Aquiline Securities deposited to the Offers as of this date.
Together with the Aquiline Shares and Aquiline common share purchase warrants owned by Pan American prior to the making of the Offers, Pan American, following the take up of Aquiline Securities deposited to the Offers to date, owns 72,291,956 Aquiline Shares (assuming the exercise by Pan American of all of the convertible securities of Aquiline owned by it or taken up by it to date under the Convertible Security Offers), representing approximately 88.0 % of the Aquiline Shares on a Diluted Basis (as defined below).
Pan American would also like to announce that it has extended the expiration date of its Offers to 9:00 pm Eastern Standard Time on Tuesday, December 22, 2009 in order to permit Aquiline Securityholders that have not tendered their Aquiline Securities an opportunity to do so.
For the purposes of this press release, “Diluted Basis” means the total number of Aquiline Shares outstanding as of December 7, 2009, together with all Aquiline Shares issuable on exercise of the October 2008 Warrants which remain outstanding.
