Silver Wheaton Provides Details of Annual and Special Meeting of Shareholders, Files Form 40-F, and Provides General Corporate Update
FOR IMMEDIATE RELEASE TSX: SLW
March 31, 2017 NYSE: SLW
SILVER WHEATON PROVIDES DETAILS OF ANNUAL AND
SPECIAL MEETING OF SHAREHOLDERS, FILES FORM 40-F,
AND PROVIDES GENERAL CORPORATE UPDATE
Vancouver, British Columbia – Silver Wheat on 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 For m 40-F, are also available on the Company’s
website at 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
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
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 m illion common shares of Alexco. The area of
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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 an d “forward-looking information” within the meaning of
applicable Canadian securities legislation. Forward-l ooking statements, which are all statements other than
statements of historical fact, include, but are not limited to, statements with respect to:
the ability of Alexco to sustain mining operat ions during periods of lower silver prices;
the effect of the Servicio de Administraci όn Tributaria (“SAT”) legal claim on Primero Mining
Corp.’s (“Primero”) business, financial condition, results of operations and cash flows for 2010-
2014 and 2015-2019;
the impact on Primero of the unionized employee strike at the San Dimas mine;
the ability of Primero to cont inue as a going concern; and
the guarantee of Primero’s revolving credit facility.
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”, “poten tial”, or variations of such words and
phrases or statements that ce rtain actions, events or results “may”, “could”, “would”, “might” or “will be taken”,
“occur” or “be achieved”. Forward-looking statements are subject to know n and unknown risks, uncertainties
and other factors that may cause the actual results, le vel of activity, performance or achievements of Silver
Wheaton to be materially different from those expres sed or implied by such forward-looking statements,
including but not limited to:
that Alexco will not be able to sustain mining operations during periods of lower silver prices;
Primero not being able to defend the validity of the 2012 Advance Pricing Agreement (“APA”),
being unable to pay taxes in Mexico based on r ealized silver prices or the SAT proceedings or
actions otherwise have an adverse impact on the business, financial condition or results of
operation of Primero;
Primero not being able to continue as a going concern;
Primero not being able to obtain a satisfactory reso lution of the unionized employee strike at the
San Dimas mine within three months;
Primero not being able to secure additional funding, resume San Dimas mine operations to normal
operating capacity, reduce cash outflows or have a successful outcome to a strategic review
process;
Primero failing to make required payments or otherwise defaulting under its credit facility and the
Company having to meet its guarantee obligations; and
other risks discussed in the sect ion entitled “Description of the Business – Risk Factors” in Silver
Wheaton’s Annual Information Form available on SEDAR at www.sedar.com, and in Silver
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Wheaton’s Form 40-F to be filed March 31, 2017 an d Form 6-K filed March 21, 2017 both on file
with the U.S. Securities and Exchange Commission in Washington, D.C. (the “Disclosure”).
Forward-looking statements are based on assumpti ons management currently believes to be reasonable
including, but not limited to:
that Alexco will be able to sustain mining oper ations during periods of lower silver prices;
that Primero is able to obtain a satisfactory reso lution of the unionized employee strike at the San
Dimas mine within three months;
that Primero is able to c ontinue as a going concern;
that Primero will make all requi red payments and not be in default under its revolving credit facility;
and
other assumptions and factors as set out herein.
Although Silver Wheaton has attempted to identify important factors that coul d cause actual results, level of
activity, performance or achievements to differ material ly from those contained in forward-looking statements,
there may be other factors t hat cause results, level of activity, pe rformance or achievements not to be as
anticipated, estimated or intended. There can be no assur ance 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 und ue 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 Whea ton does not undertake to update any forward-looking
statements that are included or incorporated by refe rence herein, except in accordance with applicable
securities laws.
For further information, please contact:
Patrick Drouin
Senior Vice President, Investor Relations
Silver Wheaton Corp.
Tel: 1-844-288-9878
Email: [email protected]
Website: www.silverwheaton.com