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First Majestic Announces CDN$78 Million Bought Deal Investment by Billionaire Eric Sprott
First Majestic Announces CDN$78 Million Bought Deal Investment by Billionaire Eric Sprott ...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"\n\n\n\nFirst Majestic Announces CDN$78 Million Bought Deal Investment by Billionaire Eric Sprott\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Sept. 10, 2020\n\n\n\nNew York – AGToronto – FR Frankfurt – FMV \n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, BC, Sept. 10, 2020 /CNW/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or \"First Majestic\") is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as underwriter (the \"Underwriter\") pursuant to which the Underwriter has agreed to purchase, on a bought deal basis, 5,000,000 common shares of First Majestic (the \"Common Shares\") at a price of CDN$15.60 per Common Share for gross proceeds of CDN$78,000,000 (the \"Offering\"). \nThe sole investor under the Offering will be Canadian billionaire businessman, Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him. This investment will result in Mr. Sprott holding approximately 2.3% of First Majestic's issued and outstanding common shares, post-closing.\nMr. Sprott, commented, \"We believe there has been a lack of appreciation for First Majestic's equity in 2020 and we are happy to align ourselves with Keith who recognizes the mispricing of silver in the marketplace and has been a stalwart for silver.\"\nKeith Neumeyer, President and CEO of First Majestic Silver, commented, \"We are very pleased to welcome Mr. Sprott as a significant shareholder in First Majestic. As a fellow silver bull, Eric has been recognized as one of the most influential leaders within the silver investment community and this deal represents his largest treasury investment in a silver producer, let alone the entire silver space.\"\nThe Company expects to use the net proceeds of the Offering, together with the Company's current cash resources, to develop and/or improve the Company's existing mines and to add to the Company's working capital.\nThe Offeri...