Silver Wheaton Completes US$287.5M Financing

On September 30, 2009, Silver Wheaton Corp. completed a bought deal financing for aggregate gross proceeds to Silver Wheaton of US$287.5 million. A syndicate of underwriters, led by Genuity Capital Markets and GMP Securities L.P. and including BMO Nesbitt Burns Inc., Scotia Capital Inc., Canaccord Capital Corporation, UBS Securities Canada Inc., Blackmont Capital Inc., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Merrill Lynch Canada Inc., Raymond James Ltd., RBC Dominion Securities Inc., Salman Partners Inc. and CIBC World Markets Inc., purchased an aggregate of 25,903,750 common shares of Silver Wheaton (inclusive of 3,378,750 common shares purchased pursuant to the full exercise of an over-allotment option granted to the underwriters) at a price of US$11.10 per share.

Proceeds from the financing were used by Silver Wheaton in part to repay funds drawn down on its credit facilities to pay the initial US$212.5 million deposit due on the closing of Silver Wheaton's acquisition of 25 per cent of the life of mine silver production from Barrick Gold Corporation's Pascua-Lama Project.

Curt Bernardi, vice president, legal and corporate secretary, with assistance from Mark Bennett and Jennifer Traub (securities/mining); Jason MacIntosh (securities) and Christopher Norton (tax) of Cassels Brock & Blackwell LLP, acted as Canadian counsel to Silver Wheaton. Andrew Foley (securities); David Mayo and Allison Friedman (tax) and Piibe Jogi (securities) of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to Silver Wheaton.

Bob Wooder, James Chen, Sarah Pybus, Meaghan McCune (corporate/securities) and Kevin Zimka (tax) of Blake, Cassels & Graydon LLP acted as Canadian counsel to the underwriters. Riccardo Leofanti and Michael Acedo and Ryan Dzierniejko (corporate) and Aaron Feinberg (tax) of Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel to the underwriters.