Canadian silver miner Pan American Silver Corp (PAA.TO) said on Wednesday it plans to acquire exploration company Aquiline Resources Inc (AQI.TO), in a deal valued at C$626 million ($609 million).

Pan American is offering 0.2495 of a Pan American common share, plus 0.1 of a Pan American common share purchase warrant for each Aquiline common share.

The implied value of the offer is C$7.47 per Aquiline common share, which represents a premium of about 36.6 percent over Aquiline's closing price of C$5.47 on Tuesday, on the Toronto Stock Exchange.

Aquiline's board has recommended that its shareholders tender their shares toward the offer. Aquiline shareholders will own about 19 percent of the enlarged Pan American, once the deal closes. ($1= $1.028 Canadian)