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First Majestic Silver Corp. (TSX:FR,NYSE:AG) and SilverCrest Mines Inc. (TSX:SVL) announced that First Majestic has completed its acquisition of SilverCrest.
First Majestic Silver Corp. (TSX:FR,NYSE:AG) and SilverCrest Mines Inc. (TSX:SVL) announced that First Majestic has completed its acquisition of SilverCrest. SilverCrest will be delisted from the TSX in the next few days.
As quoted in the press release:
Under the arrangement, which took effect as of 12:01 a.m. (Vancouver time) this morning, First Majestic has acquired all of the issued and outstanding common shares of SilverCrest. Shareholders of SilverCrest will receive 0.2769 First Majestic shares and CDN$0.0001 for each share of SilverCrest held. In addition, shareholders of SilverCrest will receive 0.1667 shares in a newly formed company which will hold certain exploration assets currently held by SilverCrest and First Majestic.
Keith Neumeyer, president and CEO of First Majestic, commented:
With this closing, First Majestic is integrating a well-built, low-cost, profitable silver mine into its large portfolio of operating mines. The Santa Elena Silver Mine, becoming our sixth mine in Mexico, is projected to increase the Company’s total production by approximately 5 million silver equivalent ounces per year. We are very excited to have this free cash flowing mine added to our portfolio.
Over the coming quarters, we will be communicating our plan for Santa Elena which will include ways to further reduce operating costs. Finally, I would like to take this opportunity to personally welcome the SilverCrest shareholders into the First Majestic family.