VANCOUVER, May 8, 2014 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton" or
the "Company") (TSX:SLW) (NYSE: SLW) is pleased to announce that its
Board of Directors has declared its second quarterly cash dividend
payment for 2014 of US$0.07 per common share and the implementation of
the Dividend Reinvestment Plan ("DRIP").
Second Quarterly Dividend
The second quarterly cash dividend of US$0.07 will be paid to holders of
record of Silver Wheaton common shares as of the close of business on
May 20, 2014, and will be distributed on or about May 30, 2014.
Under the Company's dividend policy, the quarterly dividend per common
share will be equal to 20% of the average cash generated by operating
activities in the previous four quarters divided by the Company's
outstanding common shares at the time the dividend is approved, all
rounded to the nearest cent.
The declaration, timing, amount and payment of future dividends remain
at the discretion of the Board of Directors. This dividend qualifies as
an 'eligible dividend' for Canadian income tax purposes.
Dividend Reinvestment Plan
The Company is implementing the previously announced DRIP commencing
with the second dividend of 2014.
Participation in the DRIP is optional. For the purposes of the second
dividend, the Company has elected to issue common shares under the DRIP
through treasury at a 3% discount to the Average Market Price, as
defined in the DRIP. However, the Company may, from time to time, in
its discretion, change or eliminate the discount applicable to Treasury
Acquisitions or direct that such common shares be purchased in Market
Acquisitions at the prevailing market price, any of which would be
The DRIP and enrollment forms are available for download on the
Company's website at www.silverwheaton.com, accessible by quick links directly from the home page, and can also be
found in the 'investors' section, under the 'dividends' tab.
Registered shareholders may also enroll in the DRIP online through the
plan agent's self-service web portal at: https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/IssuerDetail.jsp?companyCode=1501.
Beneficial shareholders should contact their financial intermediary to
arrange enrollment. All shareholders considering enrollment in the DRIP
should carefully review the terms of the DRIP and consult with their
advisors as to the implications of enrollment in the DRIP.
This press release is not an offer to sell or a solicitation of an offer
of securities. A registration statement relating to the DRIP has been
filed with the U.S. Securities and Exchange Commission and may be
obtained under the Company's profile on the U.S. Securities and
Exchange Commission's website at http://www.sec.gov.
About Silver Wheaton
Silver Wheaton is the largest precious metals streaming company in the
world. Based upon its current agreements, forecast 2014 annual
attributable production is approximately 36 million silver equivalent
ounces1, including 155,000 ounces of gold. By 2018, annual attributable
production is anticipated to increase significantly to approximately 48
million silver equivalent ounces1, including 250,000 ounces of gold. This growth is driven by the
Company's portfolio of low-cost and long-life assets, including
precious metal and gold streams on Hudbay's Constancia project and
Vale's Salobo and Sudbury mines.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
The information contained herein contains "forward-looking statements"
within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the meaning
of applicable Canadian securities legislation. Forward-looking
statements, which are all statements other than statements of
historical fact, include, but are not limited to, statements with
respect to the future price of silver or gold, the estimation of
mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production
(including 2014 and 2018 attributable annual production), costs of
production, reserve determination, reserve conversion rates, statements
as to any future dividends, the ability to fund outstanding commitments
and continue to acquire accretive precious metal stream interests and
assessments of the impact and resolution of various legal and tax
matters. Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, operations, level of activity,
performance or achievements of Silver Wheaton to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: fluctuations in the price of
silver or gold; the absence of control over mining operations from
which Silver Wheaton purchases silver or gold and risks related to
these mining operations including risks related to fluctuations in the
price of the primary commodities mined at such operations, actual
results of mining and exploration activities, environmental, economic
and political risks of the jurisdictions in which the mining operations
are located and changes in project parameters as plans continue to be
refined; differences in the interpretation or application of tax laws
and regulations; and the Company's interpretation of, or compliance
with, tax laws, is found to be incorrect; as well as those factors
discussed in the section entitled "Description of the Business - Risk
Factors" in Silver Wheaton's Annual Information Form available on SEDAR
at www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and
Exchange Commission in Washington, D.C. Forward-looking statements are
based on assumptions management believes to be reasonable, including
but not limited to: the continued operation of the mining operations
from which Silver Wheaton purchases silver and gold, no material
adverse change in the market price of commodities, that the mining
operations will operate and the mining projects will be completed in
accordance with their public statements and achieve their stated
production outcomes, the continuing ability to fund or obtain funding
for outstanding commitments, the ability to source and obtain accretive
precious metal stream interests, expectations regarding the resolution
of legal and tax matters, that Silver Wheaton will be successful in
challenging any reassessment by the Canada Revenue Agency and such
other assumptions and factors as set out herein. Although Silver
Wheaton has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate.
Accordingly, readers should not place undue reliance on forward-looking
statements and are cautioned that actual outcomes may vary. Silver
Wheaton does not undertake to update any forward-looking statements
that are included or incorporated by reference herein, except in
accordance with applicable securities laws.
1 Silver equivalent production forecast assumes a gold/silver ratio of
SOURCE: Silver Wheaton Corp.
For further information:
Senior Vice President, Investor Relations
Silver Wheaton Corp.