Maverix Metals and Pan American Silver Announce Closing of Secondary Offering
Maverix Metals and Pan American Silver Announce Closing of Secondary Offering
Vancouver, B.C. - June 5, 2020 – Maverix Metals Inc. (NYSE American & TSX: MMX) (the “Company” or
“Maverix”) and Pan American Silver Corp. (NASDAQ & TSX: PAAS) (“Pan American”) are pleased to
announce the closing of the previously announced overnight marketed secondary offering of common
shares of Maverix held by Pan American, including the exercise in full of the over-allotment option
(together, the “Secondary Offering”). Pursuant to the Secondary Offering, Pan American sold 10,350,000
common shares of Maverix at a price of US$4.40 per common share for aggregate gross proceeds of US
$45,540,000.
The Secondary Offering was made pursuant to an underwriting agreement dated May 29, 2020 (the
“Underwriting Agreement”) between Maverix, Pan American and a syndicate of underwriters co-led by
Raymond James Ltd., as sole bookrunner, and PI Financial Corp., and including National Bank Financial
Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc.
and Stifel GMP (collectively, the “Underwriters”). Pursuant to the Underwriting Agreement, Pan
American paid the Underwriters a cash commission equal to 4.0% of the gross proceeds of the
Secondary Offering.
The Secondary Offering was made by way of a prospectus supplement dated May 29, 2020 to the
Company’s existing U.S. registration statement on Form F-10 and Canadian short form base shelf
prospectus, the latter each dated September 13, 2019.
As previously announced, Pan American has acquired ownership or control of an additional 8,250,000
common shares of Maverix through the exercise of 8,250,000 common share purchase warrants (the
“Warrants”). 5,000,000 Warrants had an exercise price of US$1.56 and 3,250,000 Warrants had an
exercise price of US$2.408. Maverix received gross proceeds of approximately US$15.6 million. After the
exercise of the Warrants, Maverix will have 128,009,804 common shares issued and outstanding on an
undiluted basis.
The 10,350,000 common shares of Maverix disposed by Pan American in the Secondary Offering
represented approximately 8.6% of the issued and outstanding common shares of Maverix on a non-
diluted basis. Immediately following the closing of the Secondary Offering and the exercise of Warrants,
Pan American directly owned 25,483,500 common shares of Maverix, representing approximately 19.9%
of the issued and outstanding common shares of Maverix on a non-diluted basis. Prior to the Secondary
Offering and exercise of the Warrants, Pan American owned 27,583,500 common shares and 8,250,000
Warrants representing approximately 23.03% of the total number of issued and outstanding common
shares on a non-diluted basis and approximately 27.99% of the common shares on a partially-diluted
basis assuming the exercise of the Warrants. Both Pan American’s disposition pursuant to the Secondary
Offering and its acquisition pursuant to the exercise of the Warrants were made for investment
purposes. Pan American may from time to time and at any time acquire additional securities or
instruments of Maverix in the open market or otherwise, and reserves the right to dispose of any or all
of such securities in the open market or otherwise at any time and from time to time, and to engage in
similar transactions with respect to such securities, the whole depending on market conditions, the
business and prospects of Maverix and other relevant factors. Pan American has agreed, subject to
certain limited exceptions, not to sell any common shares or other securities of Maverix for a period of
90 days from the closing of the Secondary Offering.
PAN AMERICAN SILVER CORP.
1
About Maverix
Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100
assets. Maverix’s mission is to increase per share value by continuing to add new precious metals
royalties and streams. Its shares trade on both the NYSE American and the Toronto Stock Exchange
under the symbol “MMX”.
About Pan American
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and
Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. As the world's
second largest primary silver producer with the largest silver reserve base globally, we provide enhanced
exposure to silver in addition to a diversified portfolio of gold producing assets. Pan American has a 25-
year history of operating in Latin America, earning an industry-leading reputation for corporate social
responsibility, operational excellence and prudent financial management. We are headquartered in
Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol
"PAAS”.
For further information, please contact:
Maverix Metals Inc.
Daniel O’Flaherty, CEO & Director, or Ryan McIntyre, President
Phone: (604) 343-6225
Email: [email protected]
Pan American Silver Corp.
Siren Fisekci
VP, Investor Relations & Corporate Communications
Phone: (604) 806-3191
Email: [email protected]
Cautionary note regarding forward-looking statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined
under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be
identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”,
“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information
contained herein is provided for the purpose of assisting readers in understanding management’s current
expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate
for other purposes. Forward-looking statements and information include, but are not limited to, statements with
respect to Pan American Silver Corp.’s future acquisitions or dispositions of securities of Maverix. Forward-looking
statements and information are based on forecasts of future results, estimates of amounts not yet determinable
and assumptions that, while believed by management to be reasonable, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to
be materially different from those expressed or implied by such forward-looking information, including but not
limited to: the impact of general business and economic conditions; the absence of control over mining operations
from which Maverix will purchase gold and other metals or from which it will receive royalty payments and risks
related to those mining operations, including risks related to international operations, government and
environmental regulation, delays in mine construction and operations, actual results of mining and current
exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to
be refined; the potential impact of epidemics, pandemics or other public health crises, including the current
outbreak of the novel coronavirus known as COVID-19, on Maverix’s business, operations and financial condition
and the mining operations from which Maverix will purchase gold and other metals or from which it will receive
royalty payments, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated
difficulties or interruptions in operations; problems inherent to the marketability of gold and other metals; the
inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses;
industry conditions, including fluctuations in the price of the primary commodities mined at such operations,
fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing
tax legislation or enacting new tax legislation in a way which adversely affects Maverix; stock market volatility;
regulatory restrictions; liability, competition, loss of key employees, as well as those risk factors discussed in the
section entitled “Risk Factors” in Maverix’s annual information form and Form 40-F, each dated March 23, 2020
available at www.sedar.com and www.sec.gov, respectively. Maverix has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking
statements or information. Maverix undertakes no obligation to update forward-looking information except as
required by applicable law. Such forward-looking information represents management's best judgment based on
information currently available.