BUZZ-Pan American Silver rises after purchase of Galleon Gold units in private placement
Pan American Silver Corp's shares rose 1.7% after acquiring 18.75 million units of Galleon Gold Corp through a private placement. The acquisition is part of a larger placement totaling 50 million units, giving Pan American a 14.7% stake in Galleon on a non-diluted basis and 29.7% on a partially diluted basis. The company may adjust its holdings based on market conditions and strategic plans. Pan American's shares have increased 118.6% year-to-date.
U.S.-listed shares of Canadian miner Pan American Silver Corp (PAAS.TO) (PASS.N) rise 1.7% to $44.9 premarket
Co acquires 18.75 mln units of Galleon Gold Corp (GGO.V) through a non-brokered private placement for C$0.60 per unit
Co says the acquisition was part of a larger brokered private placement by Galleon totaling 50 mln units
PAAS adds that it now holds 18.75 million shares, 9.38 million warrants and a debenture, giving it about 14.7% of Galleon on a non-diluted basis and 29.7% on a partially diluted basis
Co may buy or sell more Galleon securities in the future, depending on market conditions and strategic plans
Up to last close, shares up 118.6% YTD
