Business
First Majestic Wins Application to Dismiss Appeal
NYSE – AG TSX – FR Frankfurt – FMV VANCOUVER , June 9, 2014 /CN...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"\n\nNYSE – AGTSX – FRFrankfurt – FMV \n\n\n\nVANCOUVER, June 9, 2014 /CNW/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or \"First Majestic\") is pleased to announce that on June 5, 2014, the Court of Appeal dismissed the appeal filed by Hector Davila Santos (\"Hector Santos\") and Minerales y Minas Mexicanas, S.A. de C.V. (\"MMM\").  \n\nAs previously announced, on April 24, 2013 the Supreme Court of British Columbia awarded judgment of US$93.84 million in favour of First Majestic in the litigation against Hector Santos and MMM. This judgment was subsequently appealed by Hector Santos and MMM. On June 27, 2013, the Court of Appeal for British Columbia ordered Hector Santos and MMM to post security for the unpaid trial judgment in the amount of US$79 million, (being the approximate difference between the judgment amount of US$93.84 million, less the funds of CDN$14.85 million previously received by First Majestic) or in the alternative to post a letter of credit in that amount within 90 days of the order (\"the Security Order\").\n\nAs Hector Santos and MMM failed to comply with the Court's order to post security or provide a letter of credit, First Majestic successfully applied for an order dismissing their appeal as abandoned.  However, on March 27, 2014, the dismissal was set aside for jurisdictional reasons.  \n\nFirst Majestic brought a new application to dismiss the appeal which was heard by the Court of Appeal on April 8, 2014. On June 5, 2014, the Court of Appeal dismissed the appeal of Hector Santos and MMM, stating that the Court \"will not condone breaches of its own orders\". The Court also dismissed applications by Hector Santos and MMM seeking to have the Security Order varied or set aside.\n\nJudgment against Hector Santos and MMM should not be regarded as final until such time as all avenues for appeal have been exhausted and the Company cautions that even if the results of all such appeals are in the Company's favour it may have to take additional action in Mexico and/or Canada to try to recover the unpaid portion of the judgment. The outcome of any such action is not presently determinable.\n\nFirst Majestic is a producing silver company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral prope...