Proceeds to finance permitting, underground development at Juanicipio
By Toni Weeks
San Diego, Aug. 22 - MAG Silver Corp. announced it will conduct a private placement of common stock to raise about C$25 million.
The company will sell shares at C$9.40 apiece via a syndicate of agents led by BMO Capital Markets. The per-share price is a 4.95% discount to the closing share price of C$9.89 on Aug. 21.
Settlement is expected Sept. 5.
Proceeds will fund permitting and underground development at the Juanicipio joint venture, advancement of the Cinco de Mayo property, including continued exploration and generation of an initial resource estimate, and general corporate purposes.
Vancouver, B.C.-based MAG Silver explores for silver, lead, zinc and moly-gold, primarily in Mexico.
| Issuer: | MAG Silver Corp.
|
| Issue: | Common stock
|
| Amount: | C$25 million (approximate)
|
| Price: | C$9.40
|
| Warrants: | No
|
| Agent: | BMO Capital Markets (lead)
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| Announcement date: | Aug. 22
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| Settlement date: | Sept. 5
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| Stock symbol: | TSX: MAG
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| Stock price: | C$9.89 at close Aug. 21
|
| Market capitalization: | C$571.53 million
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