By Laura Lutz
Des Moines, Nov. 14 - First Majestic Resource Corp. arranged a C$14.4 million private placement of units.
The company plans to sell 4 million units of one share and one half-share warrant at C$3.60 per unit. Each whole warrant will be exercisable at C$4.25 for two years.
Proceeds will be used for working capital for the company's La Parrilla, San Martin and La Encantada silver mines in Mexico.
Settlement of the non-brokered placement is expected on Nov. 23.
First Majestic is a silver mining company based in Vancouver, B.C.
| Issuer: | First Majestic Resource Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$14.4 million
|
| Units: | 4 million
|
| Price: | C$3.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$4.25
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 23
|
| Stock symbol: | TSX Venture: FR
|
| Stock price: | C$3.56 at close Nov. 13
|
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