Exhibit 99.1
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FOR IMMEDIATE RELEASE | TSX:SLW |
February 12, 2009 | NYSE:SLW |
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
SILVER WHEATON COMPLETES C$287.5 MILLION FINANCING
Vancouver, British Columbia – Silver Wheaton Corp. (TSX, NYSE:SLW) is pleased to announce that it has closed its previously announced bought deal equity financing, including the full amount of the underwriters’ over-allotment option, for aggregate gross proceeds to Silver Wheaton of C$287.5 million. A syndicate of underwriters, co-led by Genuity Capital Markets and GMP Securities L.P., and including Scotia Capital Inc., UBS Securities Canada Inc., BMO Nesbitt Burns Inc., Canaccord Capital Corporation, Macquarie Capital Markets Canada Ltd., Raymond James Ltd., RBC Dominion Securities Inc. and Salman Partners Inc., purchased an aggregate of 35,937,500 common shares of Silver Wheaton at a price of C$8.00 per share. The total number of shares purchased included 4,687,500 common shares issued upon exercise of the underwriters’ over-allotment option.
The net proceeds of the financing will be used to repay Silver Wheaton’s revolving debt facility, for general corporate purposes, and for funding further growth opportunities.
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 the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
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
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or varia tions of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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: the use of proceeds from the offering; the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions; risks related to the integration of acquisitions, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to internat ional operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, as well as 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. &nb sp;Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Silver Wheaton is a trademark of Silver Wheaton Corp.
