First Majestic Silver Corp.: First Tranche of Non-Brokered Private Placement Closes
August 20, 2009
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The Company plans to use the net proceeds of the Offering as general working capital in respect to its three operating silver mines; the La Encantada Silver Mine, La Parrilla Silver Mine, and the San Martin Silver Mine, all located in Mexico.
The Company is also pleased to announced that it has settled certain current liabilities amounting to $822,053 by the issuance of 357,414 common shares of the Company at a deemed price of CDN$2.30 per common share.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
“signed”
Keith Neumeyer,
President & CEO
This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.