First Majestic Silver Corp. announced today the closing of its previously announced offering of US$150 million aggregate principal amount of 1.875% unsecured convertible senior notes due 2023. The initial conversion rate for the Notes is 104.3297 common shares per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$9.59 per Share.
N. Eric Fier, CPG, P.Eng and CEO, remarked, Our drilling on the Babicanora Vein continues to expand the high-grade precious metal mineralization along a drill-tested strike length of 1.3 kilometres. The southeast extension of the Babicanora Vein, known as Area 51 after the discovery hole, appears to be expanding in height to over 200 metres and remains open along strike and to depth. Area 51 has multiple bonanza grade intercepts within its near-surface high-grade footprint. We are only weeks away from finishing our final drill holes for incorporation into the anticipated Las Chispas maiden resource estimate.
Martin Rosser, Chief Executive Officer, said: “The technology described in the patent has significant potential application in Canada, both for sulphide deposits and for converting sulphide concentrates, the source of the majority of the world’s base metals production and resources, through to metal at the mine site.”
This year will be transformative for Americas Silver with the San Rafael Mine and mill ramping up to full capacity by the middle of the year, said Americas Silver President and CEO Darren Blasutti. We are expecting record free cash flow, earnings, and silver equivalent production for the Company as we become one of the lowest all-in sustaining cost producers in the silver industry.
Fred Stanford, President & CEO of Torex stated: We appreciate the actions taken by the State Government, supported by the Federal Government, to restore law and order to the region in a peaceful manner. We preferred a negotiated solution, but, this is the next best thing. He added We also thank the communities of Nuevo Balsas and Valerio Trujano, whose support has been instrumental in getting the ELG Mine Complex re-started. We are pleased so many employees from these communities have been able to return to work, and we look forward to welcoming the rest of the team back as services to manage accommodations are restored. A special thanks to our security teams for their courage and commitment, and for the hardships they have endured over the past three months. In addition, it should be noted that our start-up teams returned to an uncertain environment and accomplished so much. We are all proud of what the Torex/MML teams have built and accomplished in Guerrero State and look forward to continuing to build prosperity for so many moving forward.
CEO Paul Thompson stated Adding Cesar Lemas to our management team affords us the ability to have multiple projects in different phases at any given time. His knowledge of the land and his ability to manage the local jurisdictions will prove invaluable. Our shareholders will understand my excitement for the Mabel-Dana project when they see the updated report.
Orex’s President, Gary Cope says, “We look forward to conducting a new exploration program on this promising silver-copper-zinc project in the prolific Silver Trend of north-central Mexico. This is another key step in the revitalization of Orex.”
Cerro Caliche is a very compelling under-explored gold project area located in the Sonora-Cucurpe mega-district located between the prolific north-south oriented Sierra Madre Gold Belt to the east and the northwest oriented Sonora-Mojave Megashear complex to the west, said Kenneth MacLeod, President and CEO of Sonoro. We are especially pleased to be able to capitalize on and continue previous exploration episodes of this productive older gold mining district and to draw upon the extensive technical expertise of Sonoros Mexican technical team, directed by noted geologist, Melvin Herdrick.
“We are excited to announce an almost doubling of the estimated Measured and Indicated Mineral Resource at the GMC to over 13 million silver equivalent ounces,” stated James Bannantine, President & CEO. “This is a strong testament to our ability to continue to develop new mineral resources at the GMC and expand its potential. In this regard, we have over 24,000 metres of drilling planned for the GMC in 2018, which we believe will continue to add to the mineral resource inventory.”
First Majestic Silver Corp. announced today that it has priced its previously announced offering of unsecured convertible senior notes due 2023. The Company will issue US$150 million aggregate principal amount of Notes (or US$172.5 million aggregate principal amount if the over-allotment option is exercised in full). The Notes will be issued at par value.
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