First Majestic Silver Corp.: Closing of $45,475,000 Offering
March 25, 2008
Majestic Silver Corp. (“First Majestic” or the “Company”) is pleased to
announce the successful completion today of the offering announced on
March 5, 2008. A syndicate of underwriters led by CIBC World Markets
Inc. and including Blackmont Capital Inc., Cormark Securities Inc. and
GMP Securities L.P., have purchased 8,500,000 Units (“Units”) from First
Majestic at an issue price of $5.35 per Unit (the “Offering”). Each
Unit consists of one common share (a “Common Share”) in the capital of
First Majestic and one-half of one Common Share purchase warrant. Each
whole Common Share purchase warrant (a “Warrant”) entitles the holder to
acquire one additional Common Share at a price of $7.00 for a period of
24 months from the closing of the Offering. The underwriters have an
option, exercisable up until 30 days following closing of the offering,
to purchase up to an additional 1,275,000 Common Shares (the “Option
Shares”) at a price of $5.07 per Option Share and up to an additional
637,500 Warrants at a price of $0.56 per Warrant.
The Company plans to use the net proceeds of the offering for mill
expansion plans to increase the company’s production capacities going
forward, ongoing development and exploration programs presently
underway, and for general working capital.
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 corporate growth objectives.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
For further information please contact: firstname.lastname@example.org, visit
our website at www.firstmajestic.com
or call our toll free number
FIRST MAJESTIC SILVER CORP.
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.