Offering will be conducted by underwriters co-led by Cormark and BMO
By Devika Patel
Knoxville, Tenn., April 22 – First Majestic Silver Corp. said it will conduct a C$50 million private placement of stock with a 15% greenshoe through a syndicate of underwriters co-led by Cormark Securities Inc. and BMO Capital Markets.
The company will sell 4,566,000 common shares on a bought-deal basis. The shares will be sold at C$10.95 apiece, a 10.47% discount to C$12.23, the April 21 closing share price.
Settlement is expected May 12.
Proceeds will be used for the mill and mine expansion at La Guitarra, roasting analysis and testing at La Encantada, development and exploration and general corporate and working capital purposes.
Based in Vancouver, B.C., First Majestic is a silver exploration company.
| Issuer: | First Majestic Silver Corp.
|
| Issue: | Common shares
|
| Amount: | C$49,997,700
|
| Greenshoe: | 15%
|
| Shares: | 4,566,000
|
| Price: | C$10.95
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. and BMO Capital Markets (co-leads)
|
| Pricing date: | April 22
|
| Settlement date: | May 12
|
| Stock symbol: | Toronto: FR
|
| Stock price: | C$12.23 at close April 21
|
| Market capitalization: | C$1.74 billion
|
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