RE:PAAS Warrants Agreement 09:52 AM EDT, 05/29/2020 (MT Newswires) -- Pan American Silver (PAAS.TO) was up 5.5% after the company on Friday said it expects to raise US$39.6 million in a secondary bought deal offering of part of its holdings in Maverix Metals (MMX.TO).
The company, which announced the sale of part of its stake on Thursday, said an underwriting syndicate will buy nine million of its 27.58 million shares in Maverix for US$4.40 each.
While selling some of its holdings, Pan American will also exercise its 8.25 million purchase warrants in Maverix, raising US$15.6 million for Maverix.
Following the warrant exercise and the secondary offer, Pan American will own 26.83 million Maverix shares, a 21% stake.
Pan American has agreed not to sell any other Maverix shares for 90 days.
Pan American shares were last seen up C$2.05 to C$39.14 while Maverix was down C$0.54 to C$6.19 on the Toronto Stock Exchange.
Price: 37.09, Change: +1.13, Percent Change: +3.14