Silver Wheaton Corp.
Largest Pure Silver Streaming Company
Message: Completes Acquisition of Silverstone Resources Corp/Announces Results Meeting
| May 21, 2009 |
| Silver Wheaton Completes Acquisition of Silverstone Resources Corp. and Announces Results of Annual and Special Meeting of Shareholders |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) - Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW)(NYSE:SLW) is pleased to announce that its acquisition of Silverstone Resources Corp. ("Silverstone") by way of a statutory plan of arrangement (the "Arrangement") was successfully completed today. As a result, Silverstone has become a wholly owned subsidiary of Silver Wheaton. In accordance with the terms of the Arrangement, shares of Silver Wheaton will be issued to Silverstone shareholders in exchange for their Silverstone shares on the basis of 0.185 shares of Silver Wheaton for every Silverstone share held. The Arrangement was approved by Silverstone shareholders at a special meeting held on May 19, 2009 and by the British Columbia Supreme Court on May 20, 2009. Annual and Special Meeting of Shareholders Silver Wheaton is also pleased to report that all resolutions put before shareholders at the Annual and Special Meeting of Shareholders on May 21, 2009 were approved. Resolutions included confirmation of the Company's shareholder rights plan, amendments to the Company's share option plan and re-election to the board of directors of Peter Barnes, President & CEO, Lawrence Bell, John Brough, Peter Gillin, Douglas Holtby, Eduardo Luna and Wade Nesmith. At the meeting, Eduardo Luna announced that he is stepping down as Chairman of Silver Wheaton; however, he will remain an active member of the Board of Directors. Douglas Holtby has assumed the role of Chairman, effective immediately. Mr. Holtby has served on the Board of Directors of Silver Wheaton since 2006, and is also the Vice Chairman of the Board and Lead Director of Goldcorp Inc., as well as President and Chief Executive Officer of a private investment company, Arbutus Road Investments Inc. From 1989 to 1996, Mr. Holtby was President, Chief Executive Officer and a director of WIC Western International Communications Ltd. Prior to this he held several executive positions including Chairman of Canadian Satellite Communications Inc., Trustee of ROB.TV and CKVU, President of Allarcom Limited and President of Allarcom Pay Television Limited. Mr. Holtby is a Fellow Chartered Accountant and a graduate of the Institute of Corporate Directors - Director Education Program at the University of Toronto, Rotman School of Management. "Eduardo has played an instrumental role in the company's exceptional growth and performance since 2004," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "We are extremely pleased that Eduardo will remain on the board of directors and that Silver Wheaton will continue to benefit from his vast experience and wisdom. Eduardo is replaced as Chairman by Doug Holtby, another long-standing and integral member of our board. Doug has a great business sense and I look forward to working with both Doug and Eduardo as we continue to build Silver Wheaton." About Silver Wheaton Silver Wheaton is the largest silver streaming company in the world. Forecast 2009 sales are 16 to 18 million ounces of silver and 17,000 ounces of gold, for total sales of 17 to 19 million silver equivalent ounces, growing to approximately 30 million ounces of silver and 20,000 ounces of gold, for total sales of approximately 31 million silver equivalent ounces, by 2013. |
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