Pan American Silver and MAG Silver receives COFECE approval for acquisition

Pan American Silver (PAAS) and MAG Silver (MAG) announced that the Mexican Federal Economic Competition Commission, or COFECE, has approved the previously announced acquisition of all of the issued and outstanding common shares of MAG by Pan American. All required regulatory, shareholder and court approvals, including the final court order, have now been received and the Arrangement is anticipated to be completed on or about September 4. Registered holders of MAG Shares must indicate their election on August 27 to receive either: $20.54 in cash for each MAG Share held; or the default election of $0.0001 in cash and 0.755 of a common share of Pan American for each MAG Share held, in each case subject to proration in connection with the Arrangement such that the aggregate consideration paid to all MAG shareholders consists of $500M in cash and the remaining consideration paid in Pan American shares.