Pan American Silver rises after purchase of Galleon Gold units in private placement

U.S.-listed shares of Canadian miner Pan American Silver Corp PAAS.TO, PASS.N rise 1.7% to $44.9 premarket

Co acquires 18.75 mln units of Galleon Gold Corp GGO.V through a non-brokered private placement for C$0.60 per unit

Co says the acquisition was part of a larger brokered private placement by Galleon totaling 50 mln units

PAAS adds that it now holds 18.75 million shares, 9.38 million warrants and a debenture, giving it about 14.7% of Galleon on a non-diluted basis and 29.7% on a partially diluted basis

Co may buy or sell more Galleon securities in the future, depending on market conditions and strategic plans

Up to last close, shares up 118.6% YTD