SILVER WHEATON ANNOUNCES WARRANTHOLDERS
OVERWHELMINGLY APPROVE EARLY EXERCISE OF WARRANTS; 20 BUSINESS DAY EARLY
EXERCISE PERIOD TO COMMENCE ON AUGUST 8, 2008
VANCOUVER, BRITISH
COLUMBIA, August 7, 2008 - Silver Wheaton Corp. ("Silver
Wheaton") (NYSE, TSX: SLW) is pleased to announce that its proposal
to warrantholders was approved by an average vote of 95% in favour at a
meeting of the holders of the two series of warrants held today. In
addition, disinterested shareholders voting by proxy also approved the
proposal with 97% voting in favour.
The
proceeds of the warrant exercise (a maximum of approximately Cdn$136
million if all warrants are exercised early) will be available to fund
future growth opportunities.
The
20 business day period for the early exercise of Silver Wheaton's two
series of publicly-traded warrants will commence at 9:00 a.m. (Vancouver
time) on Friday, August 8, 2008 and will expire at 2:00 p.m. (Vancouver
time) on Friday, September 5, 2008. Any warrants that are not exercised
during this 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 Friday, September 5,
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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Fraction of a New Warrant for each Warrant
Exercised during Early Exercise Period
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0.0148
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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 Friday, September 5, 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 is being 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.
GMP
Securities L.P. and Genuity Capital Markets are acting as financial
advisors to Silver Wheaton with respect to the transaction.
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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