Orlando, FL -- (SBWIRE) -- 09/05/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On LyondellBasell Industries NV(NYSE:LYB), Pan American Silver Corp. (USA)(NASDAQ:PAAS).
LyondellBasell Industries NV(NYSE:LYB), a congolomerate into plastics, chemical and refining, has announced the pricing of an underwritten public offering of 16 million ordinary shares by certain selling shareholders who are affiliates of Apollo Management Holdings L.P. The offering is likely to close on Sept. 9, 2013.
The selling shareholders have agreed to a lock-up for a period of 30 days from the date of the prospectus supplement. LyondellBasell will not receive any proceeds from the offering, nor will the total number of its ordinary shares outstanding change.
Citigroup Global Markets Inc. acted as the sole underwriter.
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Pan American Silver Corp. (USA)(NASDAQ:PAAS) has also announced its results for the second quarter.
The company generated $175.6 million in revenues, 12% lower from last year thanks to the sharp decline in precious metal prices, although this was partially offset by greater sales.
Pan American posted a net loss of $187.1 million or $1.23 per share, against a net income of $37 million in the year-ago period. A $185.2 million non-cash impairment charge on the value of the Dolores mine was the main reason for the loss. After adjustments, the net loss stood at $9.9 million or $0.07 per share.
The Company decided to mitigate the financial risk of price erosion and entered into forward contracts of up to 12 months for a maximum of 25% of its forecast precious metals production.
Pan American produced 6.2 million ounces of silver, 3% less than a year ago and 29,900 ounces of gold, 7% lower from last year.
Base metals production was 10,600 tonnes of zinc, 26% higher year-over-year; 3,500 tonnes of lead, 26% higher from last year; 1,260 tonnes of copper, 21% higher year-over-year.
The company confirmed its full-year forecast of 25 to 26 million ounces of silver, at cash costs between $11.50 and $12.80 per ounce.
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