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Pan American Silver forms streaming and royalty vehicle

Terms of the deal will see Maverix reverse into MacMillan and buy a portfolio of streams from Pan American.
Pan American Silver forms streaming and royalty vehicle
Portfolio consists of 13 royalty incomes and streams

Pan American Silver Corp (NASDAQ:PAAS) and MacMillan Minerals Inc. (CSV:MMX) are to set up a new royalty and streaming company together, Maverix Metals Inc.

Terms of the deal will see Maverix reverse into MacMillan and buy a portfolio of thirteen royalties and precious metal streams from Pan American.

MacMillan will be renamed Maverix Metals Inc. and trade as MMX on the TSX Venture Exchange. After the sale of the streaming portfolio, Pan American will have a 54% majority ownership position (63% fully-diluted) in the combined company.

Geoff Burns, the former CEO of Pan American, will chair the new company and Daniel O'Flaherty become Maverix's chief executive.

Maverix will have C$5.5mln in cash following the transaction and  look for further opportunities in the precious metals sector;

Michael Steinmann, Pan American’s chief executive,  said, "This transaction represents an attractive opportunity for Pan American to unlock value for a group of its assets that have gone largely unrecognized by the market as a number of them are not in production and are widely dispersed in our company.”

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