First Majestic Renews Share Repurchase Program
March 19 2018 - 6:00AM
First Majestic Silver Corp. (“First Majestic” or the “Company”)
announces that its board of directors has approved the extension of
its share repurchase program (the “Share Repurchase”) pursuant to a
normal course issuer bid in the open market through the facilities
of the Toronto Stock Exchange (“TSX”) or alternative Canadian
market places over the next 12 months. Pursuant to the Share
Repurchase, the Company proposes to repurchase up to 8,286,401
common shares of the Company which represents 5% of the 165,728,029
issued and outstanding shares of the Company as of March 12,
2018.
In order to implement the Share Repurchase,
First Majestic has received TSX approval of its notice of intention
to make a normal course issuer bid. The notice provides that
First Majestic may, during the 12 month period commencing on March
21, 2018 and ending on or before March 20, 2019, purchase up to
8,286,401 common shares through the facilities of the TSX and
alternative Canadian marketplaces.
In accordance with TSX rules, daily purchases
made by the Company on the TSX will not exceed 183,231 common
shares, or 25% of First Majestic’s average daily trading volume of
732,923 common shares on the TSX for the six calendar months
preceding the date of the acceptance of the original notice,
subject to certain prescribed exemptions.
The Company repurchased 230,000 common shares
for cancellation for a volume weighted average price of CDN$7.00
under its prior normal course issuer bid which commenced on March
21, 2017 and expires on March 20, 2018.
First Majestic will make no purchases of common
shares other than open-market purchases. The price that the
Company will pay for any common shares will be the prevailing
market price of such shares at the time of acquisition. All
common shares purchased pursuant to the Share Repurchase will be
cancelled.
The Company believes that, from time to time,
the market price of its common shares may not fully reflect the
underlying value of the Company’s business and its future business
prospects. The Company believes that at such times the purchase of
common shares would be in the best interests of the Company. Such
purchases are expected to benefit all remaining shareholders by
increasing their equity interest in the Company.
ABOUT THE COMPANY
First Majestic is a mining company focused on
silver production in Mexico and is aggressively pursuing the
development of its existing mineral property assets. The Company
presently owns and operates six producing silver mines; the La
Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada
Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and
the Santa Elena Silver/Gold Mine. Production from these six mines
is projected to be between 10.6 to 11.8 million ounces of pure
silver or 15.7 to 17.5 million ounces of silver equivalents in
2018.
FOR FURTHER INFORMATION contact
info@firstmajestic.com, visit our website at www.firstmajestic.com
or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
“signed”
Keith Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD‐LOOKING
INFORMATION
This news release includes certain
“Forward‐Looking Statements” of “forward looking information”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws, respectively. When used in this news release, the words
“anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”,
“forecast”, “may”, “schedule” and similar words or expressions,
identify forward‐looking statements or information. These
forward‐looking statements or information relate to, among other
things the adoption and purchase of shares under the Company’s
normal course issuer bid.
These statements reflect the Company’s current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward‐looking statements or
information and the Company has made assumptions and estimates
based on or related to many of these factors. Such factors include,
without limitation: fluctuations in the market price of the
Company’s shares; fluctuations in the currency markets (such as the
Canadian dollar and Mexican peso versus the U.S. dollar); and the
Company’s cash flow and availability of alternate sources of
capital; and the factors identified under the caption “Risk
Factors” in the Company’s Annual Information Form, under the
caption “Risks Relating to First Majestic’s Business”.
Investors are cautioned against attributing
undue certainty to forward‐looking statements or information.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be anticipated, estimated
or intended. The Company does not intend, and does not assume any
obligation, to update these forward‐looking statements or
information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements or
information, other than as required by applicable law.
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