TSX: WPM
NYSE: WPM
VANCOUVER, British Columbia,
June 13, 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.
Patrick Drouin, Senior Vice
President, Investor Relations, Wheaton Precious Metals Corp., Tel:
1-844-288-9878, Email: info@wheatonpm.com, Website:
www.wheatonpm.com