Due to strong demand, SilverWheaton Corp. on March 31 increased the size of its underwritten public offeringand now plans to raise about US$550 million.

On a bought-deal basis, the company will now offer 33,135,000common shares at US$16.60 each. The underwriters will have an option to purchaseup to 4,970,250 additional common shares at the same price and terms. If the underwritersfully exercise the option, total proceeds will rise to about US$632.5 million.

Net proceeds will be used to repay a portion of the debt thatwas drawn on the company's US$2 billion revolving credit facility in November 2015for the US$900 million acquisition of the silverstream on the Antaminamine in Peru.

At the end of 2015, the company had about US$103 million in cashon hand and about US$1.47 billion outstanding under the revolving facility.

The offering is scheduled to close by April 7.