Supreme Court of Canada Dismisses Appeal Application by Hector Davila Santos
December 1, 2014
FIRST MAJESTIC SILVER CORP.
(AG: NYSE; FR: TSX) (the “Company” or
“First Majestic”) is pleased to announce that the Supreme Court of
Canada has dismissed the leave to appeal application by Hector Davila
Santos (“Davila Santos”) and Minerales y Minas Mexicanas, S.A. de C.V.
(“MMM”) against the Company.
As previously announced, on April 24, 2013 the Supreme Court of British
Columbia awarded judgment of CDN$96.3 million (USD $85.0 million) in
favour of First Majestic in the litigation against Davila Santos and
MMM. The subsequent appeal of this judgment by Davila Santos and MMM was
dismissed on June 5, 2014 by the British Columbia Court of Appeal for
failure by Davila Santos and MMM to comply with a court order.
On June 27, 2014, Davila Santos and MMM filed an application for leave
to appeal to the Supreme Court of Canada. On November 27, 2014, the
Supreme Court of Canada dismissed their application.
Other than the funds of CDN$14.9 million previously obtained by the
Company, the Company has not received any payment of the trial judgment,
leaving the amount of approximately CDN$81.0 million (USD$71.5 million)
unpaid. The Company cautions that it may have to take additional legal
actions to try to recover this amount. The outcome of any such
proceedings is not presently determinable.
Dollar amounts referred to in judgments are stated in Canadian dollars
and the U.S. dollar equivalents are based on the current exchange rate
and subject to change due to currency exchange rate fluctuations,
including changes to U.S. dollar equivalents previously reported.
First Majestic is a mining company focused on silver production in
México and is aggressively pursuing the development of its existing
mineral property assets and the pursuit through acquisition of
additional mineral assets which contribute to the Company achieving its
corporate growth objectives.
FOR FURTHER INFORMATION contact email@example.com
, visit our website at www.firstmajestic.com
or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain “Forward-Looking Statements” within
the meaning of the United States Private Securities Litigation Reform
Act of 1995 and applicable Canadian securities laws. When used in this
news release, the words “anticipate”, “believe”, “estimate”, “expect”,
“target”, “plan”, “forecast”, “may”, “schedule” and similar words or
expressions, identify forward-looking statements or information. These
forward-looking statements or information relate to, among other things:
additional court proceedings and recovery of judgment amounts.
These statements reflect the Company’s current views with respect to
future events and are necessarily based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or
achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements or information and the Company has made
assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation, the recognition of Canadian
judgments under Mexican law and the insufficiency of the defendants’
assets to satisfy the judgment amount.
Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has
attempted to identify important factors that could cause actual results
to differ materially, there may be other factors that cause results not
to be anticipated, estimated or intended. The Company does not intend,
and does not assume any obligation, to update these forward-looking
statements or information to reflect changes in assumptions or changes
in circumstances or any other events affecting such statements or
information, other than as required by applicable law.