The Prospector News

First Majestic Renews Share Repurchase Program

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

First Majestic Renews Share Repurchase Program

 

 

 

 

First Majestic Silver Corp. (TSX:FR) announces that its board of directors has approved the extension of its share repurchase program pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange or alternative Canadian market places over the next 12 months.  Pursuant to the Share Repurchase, the Company proposes to repurchase up to 10,000,000 common shares of the Company which represents 4.77% of the 209,822,976 issued and outstanding shares of the Company as of March 13, 2020.

 

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, 2020 and ending on or before March 20, 2021, purchase up to 10,000,000 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 198,009 common shares, or 25% of First Majestic’s average daily trading volume of 792,037 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.

 

Under its prior normal course issuer bid, the Company repurchased a total of 275,000 shares for cancellation at a volume weighted average price of CDN$8.56 as of March 17, 2020.  Under this prior normal course issuer bid, which commenced on March 21, 2019 and expires on March 20, 2020, the Company received approval to purchase up to 5,000,000 common shares.

 

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 the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine. Production from these mines are projected to be between 11.8 to 13.2 million silver ounces or 21.5 to 24.0 million silver equivalent ounces in 2020.

 

Posted March 18, 2020

Share this news article

MORE or "UNCATEGORIZED"


HECLA ACQUIRES ALEXCO RESOURCE

America’s largest and highest-grade silver producer adding ... READ MORE

July 5, 2022

ALPHAMIN ANNOUNCES RECORD QUARTERLY TIN PRODUCTION/ Q2 2022 EBITDA GUIDANCE OF US$66.5m/ DIVIDEND DECLARED

Alphamin Resources Corp. (TSX-V:AFM) (JSE AltX:APH) a producer of... READ MORE

July 5, 2022

Golden Shield Closes C$6.3M Private Placement

Golden Shield Resources Corp. (CSE: GSRI) (Frankfurt: 4LE0) is pl... READ MORE

July 5, 2022

Argonaut Gold Closes Previously Announced C$195,300,000 Equity Offering and Signs Commitment Letter for US$250 Million Credit Facilities

Argonaut Gold Inc. (TSX: AR) is pleased to announce it has closed... READ MORE

July 5, 2022

QC Copper & Gold Reports 10 New Holes to Convert Waste into In-Pit Mineralization

QC Copper and Gold Inc. (TSX-V: QCCU) (OTCQB: QCCUF) is pleased t... READ MORE

July 5, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News