On December 5th, Pan American Silver announced it has acquired 18,750,000 Units of Galleon Gold at C$0.60 per Unit in a non-brokered private placement, giving the company 14.7% ownership on a non-diluted basis and 29.7% on a partially diluted basis.
Each Unit consists of one common share and half a warrant exercisable at C$0.75 until 2027. Pan American also holds an C$8 million unsecured convertible debenture from August 2025, convertible at C$0.45 per share.
Pan American has agreed not to increase its ownership above 19.9% without shareholder approval.
The company states the investment is for long-term purposes and may adjust its holdings depending on market conditions.