PR Newswire
VANCOUVER, British Columbia, March 31, 2017
VANCOUVER, British Columbia, March 31, 2017 /PRNewswire/ --
Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW) (NYSE:SLW) announces that its Form 40-F report has been filed with the Securities and Exchange Commission and is available on EDGAR. The Company's 2016 audited financial statements, along with its Form 40-F, are also available on the Company's website at http://www.silverwheaton.com.
Shareholders may also receive a copy of Silver Wheaton's audited financial statements, without charge, upon request to Silver Wheaton's Investor Relations Department, Suite 3500, 1021 West Hastings St., Vancouver, British Columbia, Canada V6E 0C3 or to info@silverwheaton.com.
Annual and Special Meeting of Shareholders
Silver Wheaton will hold its Annual and Special Meeting of Shareholders in the Mackenzie Ballroom of the Fairmont Waterfront Hotel, 900 Canada Place Way, Vancouver, British Columbia, Canada, on Wednesday May 10, 2017, at 10:30 a.m. Pacific Time.
A live audio webcast of the Annual Meeting of Shareholders will be available at http://www.silverwheaton.com and will also be archived for later access.
Corporate Updates
On March 30, 2017, the Company and Alexco Resources Corp. ("Alexco") agreed to amend the Alexco Silver Purchase Agreement to adjust the silver production payment from US$3.90 per ounce of silver delivered to Silver Wheaton to a percentage of the spot silver price that increases with lower mill silver head grades and lower silver prices, and decreases with higher mill silver head grades and higher silver prices, subject to certain ceiling and floor grades and prices. The increased production payments in lower silver price and/or lower silver grade environments increases the flexibility of Alexco to process lower grade ore and sustain mining operations during periods of lower silver prices and does so without limiting the upside opportunity of either Alexco or Silver Wheaton in higher price and grade environments. As consideration, Alexco has agreed, subject to TSX and NYSE-MKT approval, to issue Silver Wheaton three million common shares of Alexco. The area of interest now includes properties currently owned by Alexco and properties acquired by Alexco in the future which fall within a one kilometre radius of existing Alexco holdings in the Keno Hill Silver District.
On March 30, 2017, Silver Wheaton and certain of its subsidiaries provided a guarantee to the lenders under Primero Mining Corp.'s ("Primero") existing revolving credit facility (the "Primero Facility"), capped at a maximum of $81.5 million, plus interest, fees and expenses (the "Guarantee"). As a result of the Guarantee, Primero has obtained certain concessions from the lenders, including in respect of financial covenants and a six-month extension to the term of the Primero Facility. Primero will pay Silver Wheaton a fee of 5% per annum in connection with the Guarantee. Silver Wheaton believes that the Guarantee will assist Primero as it seeks to resolve the outstanding strike action, resume operations at the San Dimas mine, streamline its organization, and completes its strategic review process. However, there can be no assurance that the provision of the Guarantee or Primero's efforts will result in success in these initiatives.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Silver Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
Forward-looking statements are based on assumptions management currently believes to be reasonable including, but not limited to:
Although Silver Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward- looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Silver Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing investors with information to assist them in understanding Silver Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made. Silver Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.
Patrick Drouin, Senior Vice President, Investor Relations, Silver Wheaton Corp., Tel: 1-844-288-9878, Email: info@silverwheaton.com, Website: http://www.silverwheaton.com
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