On May 10, 2018, Wheaton Precious Metal Corp. closed a new precious metals purchase agreement with First Majestic Silver Corp. on the San Dimas mine following the completion of the plan of arrangement whereby First Majestic has acquired all of the outstanding shares of Primero Mining Corp.
In connection with the arrangement, Wheaton agreed to terminate the existing San Dimas silver purchase agreement with Primero and enter into the First Majestic agreement. The terms of the First Majestic agreement are:
As part of the transaction and in addition to the new stream, First Majestic issued 20,914,590 First Majestic common shares to Wheaton.
Cassels Brock acted for Wheaton with a deal team that included Mark Bennett, Alex Iliopoulos and Alexander Pizale (Securities and Mining) and David Budd and Jennifer Wasylyk (Financial Services).