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SILVER WHEATON
EXTENDS EARLY EXERCISE PERIOD TO SEPTEMBER 15, 2008; 87.3% OF THE
WARRANTS EXERCISED UNDER THE EARLY EXERCISE INCENTIVE PROGRAM
VANCOUVER,
BRITISH COLUMBIA, September 5, 2008 - Silver Wheaton Corp. ("Silver
Wheaton") (NYSE, TSX: SLW) is pleased to announce that it has
received gross proceeds of approximately Cdn$118.9 million from the early
exercise of approximately 100.0 million First Warrants and approximately
35.4 million Series A Warrants under the early exercise incentive program
approved on August 7, 2008. This represents approximately 85.9% and 91.5%
of the issued and outstanding First Warrants and Series A Warrants as of
the commencement of the early exercise period, respectively. In respect
of the early exercises, Silver Wheaton has issued approximately 2.7
million New Warrants, which have been conditionally approved for listing
on the Toronto Stock Exchange, subject to Silver Wheaton fulfilling all
of the listing requirements, including minimum distribution requirements.
To
allow warrantholders more time to consider and
exercise their warrants early, Silver Wheaton has extended the period for
the early exercise of the First Warrants and Series A warrants to 2:00
p.m. (Vancouver
time) on Monday, September 15, 2008. Warrants exercised during the
extended early exercise period will be immediately taken up and paid the
agreed fraction of a new warrant. Any warrants that are not exercised
during this extended early exercise period will remain outstanding and
continue to be governed by their current terms.
Registered
holders of warrants are encouraged to exercise their warrants in
accordance with the procedures set forth below as soon as possible and,
in any event, prior to 2:00 p.m. (Vancouver time) on Monday, September
15, 2008 in
order to acquire the following fraction of a new warrant of Silver
Wheaton in addition to the number of common shares issuable
upon exercise of each warrant:
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Series of Warrant
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Fraction of a New
Warrant for each Warrant Exercised during Early Exercise Period
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First Warrants
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0.0148
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Series A Warrants
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0.0340
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Non-registered holders of warrants, whose warrants are registered in the
name of a brokerage firm, bank or trust company or other intermediary
through which they purchased the warrants, should contact their
intermediaries for instructions on how to exercise their warrants.
Registered
holders of warrants may exercise their rights to acquire the above-noted
new warrants by surrendering the certificates representing their warrants
to CIBC Mellon Trust Company at any time prior to 2:00 p.m. (Vancouver time) on Monday, September 15, 2008, by
registered mail at its offices located at 199 Bay Street, Commerce Court West, Securities
Level, Toronto,
Ontario M5L
1G9. The warrant certificate must be
submitted together with (i) a duly completed
and executed subscription, in the form attached to the certificate
representing the warrants or in the form attached to the notice to warrantholders that was mailed to registered warrantholders, specifying the number of warrants
that the holder intends to exercise; and (ii) a certified cheque, bank
draft or money order in Canadian dollars, payable to or to the order of
"Silver Wheaton Corp.", in an amount equal to the exercise
price multiplied by the number of warrants that the holder intends to
exercise.
This
press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale
of these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state.
If
you have any questions or require assistance with the early exercise of
warrants, please contact:
KINGSDALE
SHAREHOLDER SERVICES INC.
North America Toll-Free Phone: 1-866-879-7644
Outside North America Call Collect:
416-867-2272
E-mail: contactus@kingsdaleshareholder.com
Silver
Wheaton
has filed a registration statement (including a prospectus) with the U.S.
Securities and Exchange Commission (the "SEC") to which this
communication relates. Before you invest, you should read the prospectus
in that registration statement and other documents Silver Wheaton has
filed with the SEC for more complete information about Silver Wheaton and
this offering. You may get these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively,
Kingsdale Shareholder Services Inc. will
arrange to send you the prospectus if you request it by
calling or e-mailing Kingsdale at the contact
information above.
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. Forward-looking statements
include, but are not limited to, statements with respect to the
successful completion of the warrant amendment transaction, including regulatory,
shareholder and warrantholder approvals and
receipt of the estimated proceeds from the exercise of all of the
warrants. Forward-looking statements and forward-looking information
contained herein is based on the reasonable assumptions of Silver Wheaton
as at the date hereof. Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of Silver
Wheaton to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to those
factors discussed in the section entitled "Description of the
Business - Risk Factors" in Silver Wheaton's annual information form
for the year ended December 31, 2007 incorporated by reference into
Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange
Commission in Washington, D.C. Although Silver Wheaton has attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that such statements will prove to
be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The
forward-looking statements and forward-looking information contained
herein is provided for the purpose of assisting investors in
understanding the proposed warrant amendment transaction and may not be
appropriate for other purposes. Silver Wheaton does not undertake to update
any forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
For
further information, please contact:
Brad
Kopp
Director, Investor Relations
Silver Wheaton Corp.
Tel: 1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com
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