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First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announced today the closing of its previously announced offering of US$200 million aggregate principal amount of 0.375% unsecured convertible senior notes due in 2027 (the "Notes"). The Company also announced the concurrent closing of an additional US$30 million aggregate principal amount of the Notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the Notes. The initial conversion rate for the Notes is 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 Company will use a portion of the proceeds of the Offering to complete the repurchase, in separate privately negotiated transactions, of approximately US$125.2 million aggregate principal amount of its outstanding 1.875% convertible senior notes (the "Existing Notes") for payment of approximately US$164.9 million. The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.