Day: February 22, 2016

MAG Silver Corp. announced today that it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc., BMO Capital Markets and Raymond James Ltd., pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 8,905,000 common shares of the Company at a price of US$7.30 per Common Share, for total gross proceeds of US$65,006,500. The Company will also grant to the Underwriters an over-allotment option to purchase up to 1,335,750 additional Common Shares. The Over-Allotment Option will be exercisable for a period of 30 days following closing.

Tom Ogryzlo, Interim CEO, stated, “I am pleased to have the distraction caused by the class action litigation behind the Company at last. As I noted previously, the prospect of this final settlement has enabled us to focus on seeking opportunities for creating value for our shareholders.” Mr. Ogryzlo added, “While these markets remain challenging, I believe that projects with the right characteristics can be funded and advanced. Our objective remains to preserve the Company’s longer-term participation in the Boleo Project, through the development of a platform that will enable the Company to pursue projects with potential to generate short term cash flow.”

Mr. Frederick Davidson, CEO and President, of IMPACT commented as follows: “We are delighted to welcome Mr. Lishman to the Board as his extensive experience in the natural resources sector and as an investment fund manager will be extremely valuable for the Company.”