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MAG Silver Closes $7.2 Million Over-Allotment

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MAG Silver Corp., (TSX:MAG) (NYSE MKT:MVG) announces that it has issued 706,000 common shares at C$10.25 per share upon the remaining exercise of the over-allotment option related to the previously closed C$79 million bought deal financing. With this further exercise of the over-allotment option, which is now fully exercised, the additional gross proceeds of C$7,236,500 brings the total gross proceeds raised from the full offering to C$86,284,500. The Company’s cash position is now approximately US$90 million with no debt.
 

The financing was conducted by a syndicate of underwriters led by BMO Capital Markets and Raymond James Ltd. and including Macquarie Capital Markets Canada Ltd., Scotia Capital Inc., H.C. Wainwright & Co. LLC, National Bank Financial Inc., TD Securities Inc. and PI Financial Corp.

The net proceeds of the Offering will be used to fund exploration and development of the Company’s Juanicipio project in Zacatecas State, Mexico and for working capital and general corporate purposes.
 

The common shares were offered in each of the provinces of Canada, other than Quebec, by way of a short-form prospectus, and in the United States pursuant to a registration statement filed under the Canada/U.S. multi-jurisdictional disclosure system. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
 

About MAG Silver Corp.

 

MAG Silver Corp. is focused on advancing two significant projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the silver mining industry. Currently, we are advancing the underground decline towards the high grade Valdecanas Silver vein and delineating the Desprendido and Juanicipio discoveries in Zacatecas State, all within the joint venture between MAG (44%) and Fresnillo PLC (56%). In addition, we are negotiating surface access in order to further delineate our district scale, 100% owned Cinco de Mayo property in Chihuahua state, where two new silver, lead, zinc discoveries are opening up further growth opportunities for MAG.

Posted August 18, 2014

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