First Majestic Silver Corp. ("First Majestic") and SilverCrest Mines Inc. ("SilverCrest") are pleased to announce the completion of the plan of arrangement (the "Arrangement") previously announced in the joint news release of First Majestic and SilverCrest dated July 27, 2015.
Under the arrangement, which took effect as of 12:01 am (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 said, "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," continued Mr. Neumeyer. "Finally, I would like to take this opportunity to personally welcome the SilverCrest shareholders into the First Majestic family."
With the Arrangement now complete, it is expected that SilverCrest's shares will cease trading and will be delisted from the Toronto Stock Exchange ("TSX") in approximately 2-3 business days in accordance with the rules of the TSX and will cease trading and be delisted from the New York Stock Exchange MKT before the opening on October 2, 2015.
ABOUT FIRST MAJESTIC
First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to First Majestic achieving its corporate growth objectives.
ON BEHALF OF THE BOARD OF FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
Source: http://www.firstmajestic.com/