VANCOUVER, April 26, 2015 /PRNewswire/ - Pan American
Silver Corp. (NASDAQ: PAAS; TSX: PAA) (the "Company") today
announced additional minor changes to its Stock Option and
Compensation Share Plan (the "Plan") in order to more closely align
the Plan with Institutional Shareholder Services requirements.
In its information circular dated April
7, 2015 (the "Information Circular") the Company disclosed a
number of proposed changes to the Plan to be presented to
shareholders at the Company's Annual General and Special Meeting to
be convened on May 11, 2015 (the
"Meeting"). The Company intends to supplement the proposed
amendments to the Plan with the following:
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the $100,000 limit on
the annual equity award for non-employee directors (the "Annual
Equity Limit") will no longer include an exception for the Chairman
of the Board; and
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the provisions
addressing amendments to the Plan will be modified such that the
following will require shareholder approval:
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i.
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any amendment to
definitions in the Plan;
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ii.
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any extension of the
term of an option beyond the original expiry date;
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iii.
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in addition to
reducing the exercise price of an option requiring shareholder
approval, as currently set-out in the Plan, any cancellation and
reissuance of an option or other entitlement;
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iv.
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any amendment which
would permit options to be assignable or transferrable, other than
for normal estate planning or settlement purposes;
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v.
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any increase to the
Annual Equity Limit; and
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vi.
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any amendment to the
shareholder approval provisions that would increase the ability of
the board of directors of the Company to amend the Plan without
shareholder approval.
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The supplemental changes to the Plan described above will be
effective if the proposed changes to the Plan described in the
Information Circular and presented to shareholders at the Meeting
are approved.
About Pan American Silver
Pan American Silver's
mission is to be the world's pre-eminent silver producer, with a
reputation for excellence in discovery, engineering, innovation and
sustainable development. The Company has seven operating mines in
Mexico, Peru, Argentina and Bolivia. Pan American also owns several
development projects in Mexico,
USA, Peru and Argentina.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS"
WITHIN THE MEANING OF THE UNITED
STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
"FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF APPLICABLE
CANADIAN SECURITIES LEGISLATION. ALL STATEMENTS, OTHER THAN
STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS.
STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION EXPRESS, AS AT
THE DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES,
FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE
EVENTS OR RESULTS. SUCH FORWARD-LOOKING STATEMENTS AND
INFORMATION INCLUDE, BUT ARE NOT LIMITED TO STATEMENTS AS TO THE
SUCCESSFUL ADOPTION OF ANY PROPOSED CHANGES TO THE COMPANY'S STOCK
OPTION AND SHARE COMPENSATION PLAN OR TO ANY FUTURE AMENDMENTS OF
SUCH PLAN, AND THE FUTURE EFFECTS OF ANY SUCH AMENDMENTS ON THE
COMPANY.
THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF
ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE BY THE
COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC,
COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.
MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS,
PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE
RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED
OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS
NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES
BASED ON OR RELATED TO MANY OF THESE FACTORS, INCLUDING THOSE
FACTORS IDENTIFIED UNDER THE CAPTION "RISKS RELATED TO PAN
AMERICAN'S BUSINESS" IN THE COMPANY'S MOST RECENT FORM 40F AND
ANNUAL INFORMATION FORM FILED WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND
CANADIAN PROVINCIAL SECURITIES REGULATORY
AUTHORITIES. INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE
CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS. ALTHOUGH
THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER
FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED,
DESCRIBED OR INTENDED. THE COMPANY DOES NOT INTEND, AND DOES
NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD LOOKING
STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR
CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH
STATEMENTS OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE
LAW.
SOURCE Pan American Silver Corp.