Silver Wheaton to purchase silver from Glencore for US$245 million

On March 23, 2006, public mining company Silver Wheaton Corp., entered into an agreement with Glencore International AG to purchase 4.75 million ounces of silver per year, for a period of 20 years. As part of this agreement, Silver Wheaton will provide an upfront payment which includes US$245 million in cash, to be financed in part with a US$125 million credit facility provided by The Bank of Nova Scotia. Fasken Martineau lawyers John Torrey and Tom Meagher represented The Bank of Nova Scotia.