Offering was conducted by underwriters co-led by Cormark and BMO
By Devika Patel
Knoxville, Tenn., May 12 – First Majestic Silver Corp. said the underwriters for its private placement of stock opted to exercise the deal’s 15% greenshoe in full, lifting total proceeds of the offering to C$57.5 million. The deal priced for C$50 million with the greenshoe on April 22 and was conducted through a syndicate of underwriters co-led by Cormark Securities Inc. and BMO Capital Markets.
The company sold 5,250,900 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. Of the shares, 684,900 were part of the fully exercised greenshoe.
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$57,497,355, including C$7,499,655 greenshoe of 684,900 shares
|
| Shares: | 5,250,900
|
| 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$2.18 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
