First Majestic Silver Closes C$30-million Private Placement

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced that it’s closed a bought-deal private placement announced on April 6, 2015 and led by BMO Capital Markets. The company issued 4,620,000 common shares priced at C$6.50 each for gross proceeds of C$30,030,000 million.

As quoted in the press release:

The Company intends to use the net proceeds of the offering for general working capital and ramp development at the La Guitarra Silver Mine from the Coloso mine to the Nazareno area with the aim of bringing Nazareno online by year end and to advance the permitting and planning process to develop Mina de Agua and El Rincon areas at La Guitarra. In addition, the Company intends to begin the planning process at the Plomosas Silver Project in Sinaloa for the preparation for a future Preliminary Economic Assessment (PEA).

Keith Neumeyer, president and CEO of First Majestic, commented:

Our ability to raise money in the current depressed markets is a testament to the reputation of our team and growth prospects going forward. The funds strengthen our balance sheet to ensure the continued success of our operations.

Click here to read the full First Majestic Silver Corp. (TSX:FR,NYSE:AG) press release.