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Tahoe Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure of detailed information about business combination [abstract] |
Disclosure of detailed information about business combination | The following table summarizes the consideration paid as part of the purchase price:
Consideration: | Shares Issued/ Issuable | Consideration
Fair value estimate of the Pan American Share consideration (1) | 55,990,512 |  | $ | 795,626 |
Fair value estimate of the CVRs (2) | 15,600,208 |  | 71,916 |
Cash (1) | — |  | 275,008 |
Fair value estimate of replacement options (3) | 835,874 |  | 124 |
Total Consideration | 72,426,594 |  | $ | 1,142,674 |
(1) | The Pan American Share consideration value is based on an assumed value of $14.21 per share (based on the NASDAQ closing price on February 21, 2019).
(2) | Assumed fair value of the CVRs is based on the residual amount of the value of the Tahoe Shares acquired (based on the NYSE closing price closing of $3.64 on February 21, 2019) after deducting the cash consideration of $275 million and the fair value of the Company's share consideration paid (based on the February 21, 2019 NASDAQ closing price of $14.21).
(3) | Assumed fair value of 3.5 million Tahoe options that upon the Tahoe Acquisition vested and converted into 835.8 thousand Pan American stock options (the "Replacement options"). The fair value of the Replacement options was determined using the Black-Scholes option pricing model, as at the Tahoe Acquisition date, using the following assumptions:
Share price at February 21, 2019 (Canadian dollars, "CAD") | $ | 19.01 |
Exercise price | $ | 11.67 - 97.26 |
Expected volatility |  | 0.4075 |
Expected life (years) |  | 0.2 - 1.0 |
Expected dividend yield |  | 0.78 | %
Risk-free interest rate |  | 0.93 | %
Fair value (CAD) | $ | 163,273.36 |
CAD to USD exchange rate at December 31, 2018 | $ | 0.7578 |
Fair value (USD) | $ | 123,729.43 |
The following table summarizes the preliminary and final allocation of the purchase price to the identifiable assets and liabilities based on their estimated fair values at the date of the Tahoe Acquisition:
| Preliminary as reported March 31, 2019 | Adjustments | Final as reported December 31, 2019
Total purchase consideration paid for Tahoe | $ | 1,142,674 |  | $ | — |  | $ | 1,142,674 |
Cash and cash equivalents | $ | 27,529 |  | $ | — |  | $ | 27,529 |
Accounts receivable | 17,854 |  | 300 |  | 18,154 |
VAT Receivable | 87,268 |  | 224 |  | 87,492 |
Inventory | 152,534 |  | (4,325 | ) | 148,209 |
Other current assets | 4,135 |  | (2,754 | ) | 1,381 |
Mineral properties, plant and equipment | 1,298,037 |  | (58,635 | ) | 1,239,402 |
Other assets | 3,450 |  | 3,101 |  | 6,551 |
Deferred tax assets | — |  | 30,728 |  | 30,728 |
Accounts payable and accrued liabilities | (159,675 | ) | 10,933 |  | (148,742 | )
Debt | (125,000 | ) | — |  | (125,000 | )
Provision for closure and decommissioning liabilities | (70,119 | ) | (7,201 | ) | (77,320 | )
Net current and deferred income tax liabilities | (62,847 | ) | (2,863 | ) | (65,710 | )
Fair value of Tahoe net assets acquired | $ | 1,173,166 |  | $ | (30,492 | ) | $ | 1,142,674 |
Bargain purchase gain recognized in net earnings on February 22, 2019 | $ | 30,492 |  | $ | (30,492 | ) | $ | — |
Disclosure of estimated future metal prices used in discounted cash flows models | Further, the discounted cash flow models were based on the following estimated future metal prices:
Commodity Prices | 2019-2022 | 2023 onwards
Gold price - $/oz. | $1,300 | $1,300
Silver price - $/oz | $17.07 | $18.50
Zinc - $/tonne | $2,599 | $2,600
Lead - $/tonne | $2,171 | $2,200

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