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VANCOUVER, April 22, 2015 /PRNewswire/ - First Majestic
Silver Corp. ("First Majestic" or the
"Company") has announced today that it has closed the bought
deal private placement announced on April 6,
2015, which was led by BMO Capital Markets (the
"Underwriter").
The Company issued an aggregate of 4,620,000 common shares (the
"Common Shares") at a price of C$6.50 per Common Share for gross proceeds of
C$30,030,000 (the
"Offering").
The Company intends to use the net proceeds of the offering for
general working capital and ramp development at the La Guitarra
Silver Mine from the Coloso mine to the Nazareno area with the aim
of bringing Nazareno online by year end and to advance the
permitting and planning process to develop Mina de Agua and El
Rincon areas at La
Guitarra. In addition, the Company intends to begin the
planning process at the Plomosas Silver Project in Sinaloa for the preparation for a future
Preliminary Economic Assessment (PEA).
Keith Neumeyer, President and CEO
of First Majestic, stated; "Our ability to raise money in the
current depressed markets is a testament to the reputation of our
team and growth prospects going forward. The funds strengthen our
balance sheet to ensure the continued success of our
operations."
In connection with the Offering, the Underwriter received a cash
commission equal to 5.5% of the aggregate gross proceeds raised.
The Common Shares are subject to a hold period which will expire
four months and one day from the date of closing, being
August 23, 2015.
First Majestic is a mining company focused on silver production
in México and is aggressively pursuing the development of its
existing mineral property assets and the pursuit through
acquisition of additional mineral assets which contribute to the
Company achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
"Keith Neumeyer"
Keith Neumeyer, President &
CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "Forward-Looking Statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe",
"estimate", "expect", "target", "plan", "forecast", "may",
"schedule" and similar words or expressions, identify
forward-looking statements or information. These forward-looking
statements or information relate to, among other things, the
proposed use of proceeds of the Offering.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements or information and
the Company has made assumptions and estimates based on or related
to many of these factors. Such factors include, without limitation
fluctuations in the spot and forward price of silver, gold, base
metals or certain other commodities (such as natural gas, fuel oil
and electricity); fluctuations in the currency markets (such as the
Canadian dollar and Mexican peso versus the U.S. dollar); changes
in national and local government, legislation, taxation, controls,
regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in
connection with mining or development activities; risks and hazards
associated with the business of mineral exploration, development
and mining (including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and
flooding); risks relating to the credit worthiness or financial
condition of suppliers, refiners and other parties with whom the
Company does business; inability to obtain adequate insurance to
cover risks and hazards; and the presence of laws and regulations
that may impose restrictions on mining, including those currently
enacted in Mexico; employee
relations; relationships with and claims by local communities and
indigenous populations; availability and increasing costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development, including the risks of
obtaining necessary licenses, permits and approvals from government
authorities; diminishing quantities or grades of mineral reserves
as properties are mined; the Company's title to properties; and the
factors identified under the caption "Risk Factors" in the
Company's Annual Information Form, under the caption "Risks
Relating to First Majestic's Business". The Company may also elect
to use the proceeds of the Offering in a different manner than as
described above if the Company determines that it is in its best
interests to do so.
Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be anticipated, estimated or intended. The Company
does not intend, and does not assume any obligation, to update
these forward-looking statements or information to reflect changes
in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
SOURCE First Majestic Silver Corp.