MAG Silver Closes US$65-million Bought-deal Financing

MAG Silver Corp. (TSX:MAG,NYSEMKT:MVG) announced that it’s completed its previously announced bought-deal financing, issuing 8,905,000 common shares priced at US$7.30 each. All in all, the company raised gross proceeds of US$65,006,500.
As quoted in the press release:

The Offering was conducted by a syndicate of underwriters led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and Raymond James Ltd. (collectively, the “Lead Underwriters“), and including Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., TD Securities Inc., Cormark Securities Inc., Desjardins Securities Inc. and PI Financial Corp. (together with the Lead Underwriters, the “Underwriters“). The Underwriters reserve the right to exercise all or any portion of an over-allotment option of 1,335,750 common shares at any time within 30 days following closing.
The Company intends to use the net proceeds of the Offering (i) to fund development and exploration expenditures at the Juanicipio Project and (ii) for working capital and general corporate purposes.

Click here to read the full MAG Silver Corp. (TSX:MAG,NYSEMKT:MVG) press release.