By Devika Patel
Knoxville, Tenn., Aug. 20 - First Majestic Silver Corp. said it took in C$8.05 million in the first tranche of a C$9.2 million non-brokered private placement of units. The deal priced Aug. 12, and the company expects to settle the balance on Sept. 25.
The company is selling 4 million units at C$2.30 apiece. It sold 3,499,000 units in this tranche.
Each unit consists of one common share and one half-share warrant. Each whole two-year warrant is exercisable at C$3.30.
Proceeds will be used as general working capital.
Located in Vancouver, B.C., First Majestic is a silver exploration company focused on properties in Mexico.
Issuer: | First Majestic Silver Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$9.2 million
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Units: | 4 million
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Price: | C$2.30
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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$3.30
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Agent: | Non-brokered
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Pricing date: | Aug. 12
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Settlement date: | Aug. 20 (for C$8,047,700), Sept. 25
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Stock symbol: | Toronto: FR
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Stock price: | C$2.27 at close Aug. 11
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Market capitalization: | C$179 million
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