VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2008) - Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW)(NYSE: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:
Fraction of a New Warrant
for each Warrant Exercised
Series of Warrant during Early Exercise Period
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First Warrants 0.0148
Series A Warrants 0.0340
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.
