Vancouver-based Pan American Silver Corp. acquired, on February 20, 2003, all the issued and outstanding common shares of Toronto-based Corner Bay Silver Inc. by way of a plan of arrangement. Pan American issued shares and warrants having a value of approximately $95 million to Corner Bay shareholders. The transaction adds Corner Bay's Alamo Dorado silver development property in Mexico to Pan American's four producing silver mines in Peru and Mexico.
Fred Pletcher, William Sirett and Robert Kopstein (tax) and Barbara Smith, Dario Fracca and Jamie Afifi of Borden Ladner Gervais LLP in Vancouver acted for Pan American, assisted by Riccardo Leofanti of Skadden, Arps, Slate, Meagher & Flom LLP in the U.S., and Enrique Rodriguez del Besque of Larios, Rodriguez del Besque y de Buen in Mexico.
Corner Bay was represented in Canada, by Lavery, de Billy in Montreal with a team led by Michel Blouin and Larry Markowitz, and assisted by Pierre Caron (corporate), Philip Nolan (tax) and Alexandra Leblanc (litigation), and in the U.S., by Brian North of Buchanan Ingersoll in Philadelphia.