Reported Late Tuesday, Pan American And Agnico Confirm Termination Of The Gold Fields Transaction And Announce Activation Of The Arrangement Agreement With Yamana; Yamana Will Pay A Termination Fee Of $300M To Gold Fields; Pan American To Fund $150M

Author: Benzinga Newsdesk | November 09, 2022 01:54am

Pan American Silver Corp. (TSX:PAAS) (NASDAQ:PAAS) ("Pan American") and Agnico Eagle Mines Limited (TSX:AEM) (NYSE:AEM)  ("Agnico Eagle") are pleased to announce that the arrangement agreement with Yamana Gold Inc. ("Yamana") which Yamana entered into earlier today (the "Pan American-Agnico Arrangement Agreement") has become effective upon the termination today by Gold Fields Limited ("Gold Fields") of the arrangement agreement between Yamana and Gold Fields entered into on May 31, 2022 (the "Gold Fields Arrangement Agreement"). The Pan American-Agnico Arrangement Agreement remains the same as previously announced by Pan American and Agnico Eagle earlier today, November 8, 2022. A copy of the press release issued earlier today is available under the SEDAR profiles (www.sedar.com) of Pan American and Agnico Eagle.

The previously scheduled special meeting of Yamana shareholders for Monday November 21, 2022 under the Gold Fields Arrangement Agreement will be cancelled, and Yamana will pay a termination fee of US$300 million to Gold Fields in accordance with the terms of the Gold Fields Arrangement Agreement. Pursuant to the terms of the Pan American-Agnico Arrangement Agreement, Pan American shall fund US$150 million in cash to Yamana to pay a portion of such termination fee.

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