Proceeds to finance permitting, underground development at Juanicipio
By Devika Patel
Knoxville, Tenn., Aug. 23 - MAG Silver Corp. said it increased a private placement of stock to C$33.15 million from C$25 million. The deal priced on Aug. 22 and is being conducted by a syndicate of agents led by BMO Capital Markets.
The company will now sell 3,526,210 common shares at C$9.40 per share, a 4.95% discount to the closing share price of C$9.89 on Aug. 21.
Settlement is expected Sept. 5.
Proceeds will be used for permitting and underground development at the Juanicipio joint venture, advancement of the Cinco de Mayo property, including exploration and generation of an initial resource estimate, and general corporate purposes.
Vancouver, B.C.-based MAG Silver explores for silver, lead, zinc and moly-gold, primarily in Mexico.
| Issuer: | MAG Silver Corp.
|
| Issue: | Common shares
|
| Amount: | C$33,146,374
|
| Shares: | 3,526,210
|
| Price: | C$9.40
|
| Warrants: | No
|
| Agent: | BMO Capital Markets (lead)
|
| Pricing date: | Aug. 22
|
| Upsized: | Aug. 23
|
| Settlement date: | Sept. 5
|
| Stock symbol: | Toronto: MAG
|
| Stock price: | C$9.89 at close Aug. 21
|
| Market capitalization: | C$549.04 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
