<SEC-DOCUMENT>0001341004-19-000161.txt : 20190305
<SEC-HEADER>0001341004-19-000161.hdr.sgml : 20190305
<ACCEPTANCE-DATETIME>20190304173723
ACCESSION NUMBER:		0001341004-19-000161
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190304
FILED AS OF DATE:		20190305
DATE AS OF CHANGE:		20190304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		19655434

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6
		BUSINESS PHONE:		604-684-1175

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K FOR PAN AMERICAN SILVER CORP
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    <div style="text-align: center; margin-top: 4pt; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</font></div>
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    <div style="text-align: center; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT of 1934</font></div>
    <div style="text-align: center; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">For the month of, March 2019</font></div>
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    <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
      </font></div>
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    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">(Exact name of registrant as specified in its charter)</font></div>
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    <div style="text-align: left; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:</font></div>
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    <div style="text-align: left; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&#160;&#160;&#9744;</font></div>
    <div style="text-align: left; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&#160;&#160;&#9744;</font></div>
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    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Signatures</font></div>
    <div style="text-align: left; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
        behalf by the undersigned, thereunto duly authorized.</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Pan American Silver Corp.</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">(Registrant)</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Date: March&#160;4, 2019</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">By:</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">/s/ Delaney Fisher</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Delaney Fisher</font></div>
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          <td style="width: 44.99%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;">Vice President, Legal Affairs and Corporate Secretary</font></div>
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    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">EXHIBIT LIST</font></div>
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            <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 8pt;">Exhibit</font></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</font></div>
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            <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 8pt;">Description</font></div>
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            <div style="text-align: left;"><a href="ex99_1.htm"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">99.1</font></a></div>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">&#160;&#160;</font></div>
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            <div style="text-align: left;"><a href="ex99_1.htm"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Material Change Report, dated March 4, 2019</font></a></div>
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          <td colspan="2" style="width: 94.96%; vertical-align: middle;">&#160;</td>
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    <div style="text-align: left; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Exhibit 99.1 is incorporated by reference into the Registrant&#8217;s Registration Statement on Form F-10 (File No. 333-212468) and
        Registration Statements on Form S-8 (File Nos. 333-180494, 333-180495, 333-206162 and 333-229795).</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1 TO FORM 6-K
<TEXT>
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      <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM 51-102F3</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">MATERIAL CHANGE REPORT</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Name and Address of Company</font></div>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pan American Silver Corp. (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Pan American</font>&#8221;)</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Suite 1500 &#8211; 625 Howe Street</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Vancouver, BC V6C 2T6</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Date of Material Change</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">February 22, 2019</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">News Release</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pan American and Tahoe Resources Inc. (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;
          font-weight: bold;">Tahoe</font>&#8221;) disseminated a news release in respect of the material change on February 22, 2019 via CISION (Canada News Wire). The news release was filed on SEDAR on February 22, 2019.</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">4.</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Summary of Material Change</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pan American and Tahoe announced that they have completed the previously announced transaction (the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Arrangement</font>&#8221;) whereby Pan American acquired all of the issued and outstanding shares of Tahoe.</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">5.1</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Full Description of Material Change</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pan American and Tahoe announced that they completed the previously announced Arrangement. Pursuant to the
        Arrangement, Tahoe shareholders had the right to elect to receive either US$3.40 in cash (the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Cash Election</font>&#8221;) or 0.2403 of a Pan American share (the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Share Election</font>&#8221;) for each Tahoe share, subject in each case to proration based on a maximum cash consideration of US$275 million and a maximum number of Pan
        American shares issued of 56.0 million. Tahoe shareholders who did not make an election by the deadline of 4:30 pm EST on January 3, 2019 were deemed to have made the Share Election.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Under the terms of the Arrangement, Tahoe and 0799714 B.C. Ltd. (&#8220;<font style="font-family: 'Times New
          Roman', serif; font-size: 11pt; font-weight: bold;">Subco</font>&#8221;), a wholly owned subsidiary of Pan American,<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">&#160;</font>amalgamated to form an entity (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Amalco</font>&#8221;) with the same name as Subco. Amalco is a wholly owned subsidiary of Pan American.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Results of elections by Tahoe Shareholders</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The following elections were made:</font></div>
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              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">holders of 23,661,084 Tahoe shares made the Cash Election; and</font></div>
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              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">holders of 290,226,406 Tahoe shares made, or were deemed to have made, the Share Election.</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Since the aggregate number of Tahoe shares in respect of which Cash Elections were made was less than the
        Aggregate Cash Consideration (as defined in the Arrangement agreement dated as of November 14, 2018 among Pan American, Tahoe and 0799714 B.C. Ltd.), holders of Tahoe</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">shares who made or were deemed to have made the Share Election were subject to pro-ration in the manner
        described in Tahoe&#8217;s management information circular dated December 4, 2018 and will receive consideration per Tahoe share of approximately 19.7% in cash (US$0.67) and approximately 80.3% in Pan American shares (0.1929 of a Pan American share).
        Tahoe shares in respect of which Cash Elections were made will receive all cash consideration.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">In addition, Tahoe shareholders received contingent consideration in the form of one contingent value right
        (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">CVR</font>&#8221;) for each Tahoe share. Each CVR will be exchanged for 0.0497 of a Pan American share upon first commercial shipment of concentrate following
        restart of operations at the Escobal mine. The CVRs are transferable and have a term of 10 years.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">In aggregate, Pan American will pay US$275 million in cash and issue 55,990,512 Pan American shares and
        313,887,490 CVRs to Tahoe shareholders under the Arrangement. Upon closing of the Arrangement, existing Pan American and former Tahoe shareholders owned approximately 73% and 27% of Pan American, respectively. Upon satisfaction of the payment
        conditions under the terms of the CVRs, Pan American and Tahoe shareholders will own approximately 68% and 32%, respectively, of the combined company (based upon the number of Pan American shares outstanding as at February 22, 2019).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">C. Kevin McArthur and Charles A. Jeannes appointed to Pan American Board</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Under the Arrangement, Tahoe was entitled to nominate two of its directors to join Pan American&#8217;s Board of
        Directors. Tahoe has nominated Messrs. C. Kevin McArthur and Charles A. Jeannes. Effective February 22, 2019, Messrs. C. Kevin McArthur and Charles A. Jeannes joined Pan American&#8217;s Board of Directors.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Delisting of Tahoe shares</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The shares of Tahoe were delisted from the Toronto Stock Exchange as of the closing of the market on
        February 26, 2019 and are expected to be delisted from the New York Stock Exchange effective as of the closing of the market on March 4, 2019, subject to the approval of the New York Stock Exchange. Pan American has applied for Amalco to cease to
        be a reporting issuer under applicable Canadian securities laws and will file to suspend Tahoe&#8217;s reporting obligations under U.S. securities laws.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Increase to, and drawdown under, Pan American&#8217;s revolving credit facility</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pan American also announced that it has amended and extended its revolving credit facility led by The Bank
        of Nova Scotia and the Canadian Imperial Bank of Commerce as Joint Lead Arrangers and Joint Bookrunners. The facility has been increased by US$200 million to US$500 million, and matures on February 1, 2023. At Pan American&#8217;s option, amounts can be
        drawn under the revolving facility and will incur interest based on Pan American&#8217;s leverage ratio at either (i) LIBOR plus 1.875% to 2.750% or; (ii) The Bank of Nova Scotia&#8217;s Base Rate on U.S. dollar denominated commercial loans plus 0.875% to
        1.750%. Undrawn amounts under the revolving facility are subject to a stand-by fee of 0.4219% to 0.6188% per annum, dependent on Pan American&#8217;s leverage ratio.</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pan American has drawn down US$301 million under the facility under LIBOR-based interest rates to fund, in
        part, the cash purchase price under the Arrangement and to repay, in full, and cancel Tahoe&#8217;s second amended and restated<font style="font-family: Arial, sans-serif; font-size: 10pt;">&#160;</font>revolving facility, under which US$125 million had been
        drawn.</font></div>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Disclosure for Restructuring Transaction</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Not applicable.</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">6.</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Reliance on subsection 7.1(2) of National Instrument 51-102</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">This report is not being filed on a confidential basis.</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">7.</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Omitted Information</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">There are no significant facts required to be disclosed herein which have been omitted.</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Executive Officer</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">For further information, please contact:</font></div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Delaney Fisher</font></div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Officer:</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">VP Legal Affairs and Corporate Secretary</font></div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Telephone:</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(604) 684-1175</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">9.</font></td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Date of Report</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">March 4, 2019</font></div>
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