Pan American Silver Completes Equity Financing

On February 12, 2009 Pan American Silver Corp., one of the world's largest publicly traded primary silver producers with eight operating mines in Mexico, Peru, Bolivia and Argentina, completed a marketed equity financing by issuing 6,371,000 common shares at US$16.25 per common share for gross proceeds of US$103 million.

Net proceeds of the offering will be used to fund acquisitions, development programs on acquired mineral properties, working capital requirements and for other general corporate purposes.

Pan American was represented by its general counsel, Robert Pirooz, and legal counsel, Deleney Fisher, as well as by Borden Ladner Gervais LLP with a team of Fred R. Pletcher, Rick Bennett, Graeme Martindale and Stephen Robertson. Riccardo Leofanti, David Beeston and Julie Breau of Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel to Pan American in the financing.

Goldman Sachs Canada Inc. and CIBC World Markets Inc. acted as co-lead managers and joint book runners and UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Raymond James Ltd., Salman Partners Inc. and Canaccord Capital Corporation acted as co-managers of the offering.

The underwriters were represented by Peter O'Callaghan, Kevin Zimka, Trisha Robertson and Warren Beil of Blake, Cassels & Graydon LLP. Christopher Cummings, Jonathan Handyside and Tina Li of Shearman & Sterling LLP acted as US counsel to the underwriters.


Fred R. Pletcher Stephen P. Robertson Riccardo Leofanti C. Warren Beil Christopher J. Cummings Richard J. Bennett Peter J. O'Callaghan Graeme D. Martindale Trisha L. Robertson Kevin Zimka


Borden Ladner Gervais LLP (BLG) Skadden, Arps, Slate, Meagher & Flom LLP Blake, Cassels & Graydon LLP Shearman & Sterling LLP