MAG Silver Corp. is pleased to report the signing of a binding commitment letter with the Bank of Montreal for a fully underwritten US$40 million revolving credit facility . Closing of the Facility is expected to occur by mid-December 2021 and is subject to the satisfaction of customary conditions, and completion of definitive documentation. The Facility has a maturity date of December 31, 2024 and will be available ...

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" "MAG Silver" or the "Company") is pleased to report the signing of a binding commitment letter with the Bank of Montreal ("BMO") for a fully underwritten US$40 million revolving credit facility (the "Facility"). Closing of the Facility is expected to occur by mid-December 2021 and is subject to the satisfaction of customary conditions, and completion of definitive documentation.

The Facility has a maturity date of December 31, 2024 and will be available for working capital and general corporate purposes, and provides MAG with additional liquidity and financial flexibility for its 44% share of the Juanicipio development and exploration costs should it be needed.

"We are very pleased to enter into a credit relationship with BMO, a leading financial institution in Canada," said Mr. George Paspalas, President and CEO of MAG. "This $40 million facility bolsters our liquidity and increases our financial strength as we ramp up at Juanicipio and transition to commercial production."

About MAG Silver Corp. ( www.magsilver.com )

MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The project is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where Fresnillo as operator, is currently developing an underground mine and constructing a 4,000 tonnes per day processing plant expected to be commissioned by the end of 2021. Underground mine production of development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio. MAG is also executing a multi-phase exploration program at the Deer Trail 100% earn-in project in Utah.

Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements with respect to the timing of the closing of the Facility, statements regarding the satisfaction of closing conditions and completion of definitive documentation in relation to the Facility, expectations with respect to impact of the Facility on liquidity and ability to finance future development costs and expenses, expectations with respect to future financial strength and future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, impacts (both direct and indirect) of COVID-19, unexpected delays in meeting closing conditions or completing definitive documents in relation to the Facility, changes in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG Silver's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.

Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov LEI: 254900LGL904N7F3EL14



For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, VP Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Website: www.magsilver.com Email: info@magsilver.com

Primary Logo

News Provided by GlobeNewswire via QuoteMedia

silver bars and coins

VIDEO — Chris Marcus: I'll be Stunned if Silver is Still Around US$25 in a Year

Chris Marcus: I'll be Stunned if Silver is Still Around US$25 in a Year youtu.be

2021 kicked off on a strong note for silver, which enjoyed widespread attention and a price increase when the "silver squeeze" narrative grabbed mainstream media headlines.

What changed? Speaking to the Investing News Network, Arcadia Economics founder Chris Marcus said although it's turned out to be a historic year for silver, market manipulation has prevented further moves.

Marcus, who is also the author of the book "The Big Silver Short," pointed to comments from Jeff Currie of investment bank Goldman Sachs (NYSE:GS) and Rostin Behnam of the Commodity Futures Trading Commission (CFTC), saying they show how policies have been used to tamp down the price of the white metal.

Keep reading... Show less
Santacruz Silver Reports Third Quarter 2021 Financial Results

Santacruz Silver Reports Third Quarter 2021 Financial Results

Santacruz Silver Mining Ltd. (TSXV: SCZ) ("the Company" or "Santacruz") reports its financial and operating results for the third quarter ("Q3") of 2021. The full version of the consolidated financial statements and accompanying management discussion and analysis ("MD&A") can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed in thousands of United States dollars, except per unit amounts, unless otherwise indicated.

  • Revenues increased by 55% to $14.6 million during Q3 2021 (Q3 2020 - $9.4 million).

  • Gross profit increased by 190% to $3.7 million during Q3 2021 (Q3 2020 - $1.3 million).

  • On October 13, 2021, the Company announced it had entered into a definitive share purchase agreement with Glencore plc whereby Santacruz has the right to acquire a portfolio of Bolivian silver-base metal assets from Glencore plc.

Carlos Silva, CEO of Santacruz, stated; "We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million. In addition, a non-recurring charge to administrative expenses of $0.4 million related to severance payments resulting from the decision to place the Rosario mine on care and maintenance, various non-recurring costs associated with the Zimapan Mine acquisition and other non-cash charges also impacted the quarter-end results."

Keep reading... Show less

First Majestic Prices Offering of Convertible Senior Notes

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announced today that it has priced its previously announced offering (the "Offering") of unsecured convertible senior notes due in 2027 (the "Notes"). The Company will issue US$200 million aggregate principal amount of Notes (or US$230 million aggregate principal amount if the over-allotment option is exercised in full). The Notes will be issued at par value. The Company intends to use approximately US$164.9 million of the net proceeds of the Offering to repurchase, in separate privately negotiated transactions, approximately US$125.2 million aggregate principal amount of its outstanding 1.875% convertible senior notes (the "Existing Notes"). The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.

The Notes will bear cash interest semi-annually at a rate of 0.375% per annum. The initial conversion rate for the Notes will be 60.3865 common shares ("Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$16.56 per Share. The initial conversion rate represents a premium of approximately 35% relative to yesterday's closing market price of the Shares and is subject to adjustment in certain events.

Keep reading... Show less
Denarius Announces Third Quarter and First Nine Months 2021 Results

Denarius Announces Third Quarter and First Nine Months 2021 Results

Denarius Silver Corp. ("Denarius" or "the Company") (TSXV: DSLV) announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and nine months ended September 30, 2021. These documents can be found on its website at www.Denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com . All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Third Quarter and First Nine Months 2021 Highlights

Keep reading... Show less

MAG Silver Closes US$46 Million Common Share Offering

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" or "MAG Silver") is pleased to announce that it has completed its previously announced bought deal financing and has issued 2,691,000 common shares (the " Common Shares "), including 15,700 Common Shares issued to MAG insiders and 351,000 Common Shares issued upon the full exercise of the over-allotment option, at US$17.15 per Common Share for gross proceeds of US$46,150,650 (the " Offering ").   MAG intends to use the net proceeds of the Offering to fund exploration on Juanicipio and its other projects including Deer Trail, and to fund certain sustaining capital requirements at the Juanicipio Project not included in the initial project capital estimates, and for working capital and general corporate purposes.

The Offering was led by BMO Capital Markets and Raymond James Ltd. as the joint bookrunners, together with a syndicate of underwriters consisting of Scotia Capital Inc., H.C. Wainwright & Co., LLC, Roth Canada, ULC, National Bank Financial Inc., Canaccord Genuity Corp. and TD Securities Inc.

Keep reading... Show less

First Majestic Launches Offering of Convertible Senior Notes

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") announces that it is offering US$200 million aggregate principal amount of unsecured convertible senior notes due 2027 (the "Notes") pursuant to private placement exemptions (the "Offering"). First Majestic expects to grant the initial purchasers of the Notes an option to purchase up to an additional US$30 million aggregate principal amount of Notes. First Majestic intends to use the net proceeds of the Offering to repurchase, in separate privately negotiated transactions, a portion of its outstanding 1.875% convertible senior notes (the "Existing Notes") and for general corporate purposes, including strategic opportunities.

In accordance with the terms of the Existing Notes, First Majestic intends to redeem, following a required 30 day notice period, any Existing Notes that are not converted or repurchased in conjunction with the Offering.

Keep reading... Show less

Top News

Related News