Silver Wheaton tops up treasury (December 22, 2005)

Vancouver – Silver Wheaton’s (SLW-T, SLW-X) planned $80-million bought deal equity financing was boosted yet again, to $100 million, following the underwriters exercising their “Greenshoe option” to acquire additional units.

The underwriting syndicate, led by GMP Securities, and including Scotia Capital, Haywood Securities and Fort House purchased 15,625,000 Silver Wheaton units at $6.40 apiece. Units are comprised of a common share and one-half of a Series B share purchase warrant, with each full warrant exercisable at $10.00 for five years. The warrants will be listed on the TSX under symbol SLW.WT.B.

Silver Wheaton is the only pure silver producer, deriving all of its revenue from silver production. Expected 2005 silver sales are about 9.5 million oz. at cash costs of US$3.90 per oz.

The company posts a $1.2 billion market capitalization given its 183 million shares outstanding and recent $6.30 per share trading level.