Maverix Metals Inc.

The underwriters in the US$45.54 million cross-border secondary offering of common shares of Maverix Metals Inc. by Pan American Silver Corp.


Raymond James Ltd.


US$45.54 million


Capital Markets

Date Closed

June 2020


Mining and Natural Resources

Lead Office



On June 5, 2020, Maverix Metals Inc. (Maverix) and Pan American Silver Corp. (Pan American) announced the closing of a previously announced overnight marketed secondary offering of common shares of Maverix held by Pan American, including the exercise in full of the underwriters’ overallotment option. Pursuant to the secondary offering, Pan American 10,350,000 common shares of Maverix at a price of US$4.40 for aggregate gross proceeds of US$45,540,000. The secondary offering was made pursuant to an underwriting agreement dated May 29, 2020 between Maverix, Pan American and a syndicate of underwriters co-led by Raymond James Ltd., as sole bookrunner, and PI Financial Corp. and including National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Stifel GMP.

Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100 assets. Maverix's mission is to increase per share value by continuing to add new precious metals royalties and streams. Its shares trade on both the NYSE American and the Toronto Stock Exchange under the symbol "MMX".

Pan American is the world's second largest primary silver producer which owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. Pan American also owns the Escobal mine in Guatemala that is currently not operating. Pan American has a 25-year history of operating in Latin America, earning an industry-leading reputation for corporate social responsibility, operational excellence and prudent financial management. Pan American is headquartered in Vancouver, B.C. and its shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".

Osler, Hoskin & Harcourt acted as Canadian and U.S. counsel to the underwriters with a team led by Alan Hutchison and including James Brown, Jason Comerford, Patrick Sullivan, Jie Chai, Michael Cremers and Ian Morrison (Corporate) Colena Der, Darian Khan (Canadian Tax) Jennifer Lee and Andrew Granek (U.S. Tax).