TSX: WPM
NYSE:
WPM
VANCOUVER,
June 12,
2017 /PRNewswire/ - Wheaton Precious
Metals™ Corp. ("Wheaton" or the "Company") (TSX:WPM) (NYSE:WPM) has
been notified of an unsolicited "mini-tender" offer made by TRC
Capital Corporation ("TRC Capital") to purchase up to 5,000,000
Wheaton common shares, or approximately 1.1% of the common shares
outstanding, at a price of CAD$26.75
per share in cash. Wheaton does not endorse this unsolicited
mini-tender offer and recommends that shareholders do not tender
their shares in response to the offer.
Wheaton cautions shareholders that the mini-tender
offer has been made at a price below market,
representing a discount of 4.57% to the closing price of Wheaton
common shares on the Toronto Stock Exchange and a discount of 4.69%
to the closing price of Wheaton common shares on the New York Stock
Exchange on June 6, 2017, the last
trading day before the mini-tender offer was commenced. In
addition, the offer is subject to a number of
conditions.
Wheaton is not associated with TRC Capital, its
mini-tender offer or the mini-tender offer
documentation.
TRC Capital has made similar unsolicited mini-tender
offers for shares of numerous other public companies. Mini-tender
offers are designed to seek less than 5% of a company's outstanding
shares, thereby avoiding many disclosure and procedural
requirements applicable to most bids under Canadian and
United States securities
legislation.
The Canadian Securities Administrators (CSA) have
expressed serious concerns about mini-tender offers, such as the
possibility that investors might tender to a mini-tender offer
based upon a misunderstanding of the terms of the offer, including
the per securities price available under the offer relative to the
market price of such securities. Comments from the CSA on
mini-tenders can be found on the Ontario Securities Commission
website at
http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp.
The U.S. Securities and Exchange Commission (SEC) has also
published investor tips regarding mini-tender offers on its website
at
http://www.sec.gov/investor/pubs/minitend.htm.
The SEC states: "Some bidders make mini-tender offers at
below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price." Wheaton also encourages brokers and dealers,
as well as other market participants, to review the SEC's letter
regarding broker-dealer mini-tender offer dissemination and
disclosures on the SEC's website at:
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Wheaton urges investors to obtain current market
quotations for their shares, consult with their broker or financial
advisor and exercise caution with respect to TRC Capital's offer.
Wheaton recommends that shareholders take no action in response to
TRC Capital's mini-tender offer. According to TRC Capital's offer
documents, Wheaton shareholders who have already tendered their
shares may withdraw their shares at any time before 12:01 a.m. (Toronto time) on July
7, 2017 by following the procedures described in the TRC
Capital offer documents.
Wheaton requests that a copy of this news release be
included with all distributions of materials relating to TRC
Capital's mini-tender offer related to Wheaton common
shares.
About Wheaton Precious Metals
Wheaton Precious Metals is the largest silver and gold
streaming company in the world by revenue, operating cash flow and
precious metals production. The Company's revenue is roughly evenly
split between silver and gold sales. Wheaton Precious Metals has
entered into 19 precious metal agreements with fifteen operating
partners, including Vale, Barrick
Gold, Goldcorp, and Glencore.
SOURCE Wheaton Precious Metals Corp.