By Sheri Kasprzak
Atlanta, May 5 - First Majestic Resource Corp. said it has dropped the price and the number of units it had been offering, downsizing to C$10.75 million its previously announced C$15.00 million private placement.
The company now plans to sell 5 million units at C$2.15 each.
The units include one share and one half-share warrant. The whole warrants provide for an additional share at C$2.50 each for two years.
The deal was first announced March 21 as a C$15 million offering comprised of 6 million units at C$2.50 each. The warrants had been exercisable at C$3.00 each for two years.
Jennings Capital Inc. is the placement agent in the deal
The deal is expected to close May 19
Based in Vancouver, B.C., First Majestic is a silver mining and exploration company. It plans to use the proceeds for the development and exploration of its La Parrilla silver mine and its Candamena, Dios Padre and Chalchihuites properties in Mexico.
| Issuer: | First Majestic Resource Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$10.75 million
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| Units: | 5 million
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| Price: | C$2.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$2.50
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| Placement agent: | Jennings Capital Inc.
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| Pricing date: | March 21
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| Downsized: | May 4
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| Settlement date: | May 19
|
| Stock price: | C$2.40 at close March 21
|
| Stock price: | C$2.27 at close May 4
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