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TSX - FR
NYSE - AG
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VANCOUVER, March 10, 2014 /CNW/ - First Majestic Silver Corp. ("First
Majestic" or the "Company") announced today 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 5,865,931 common shares of the Company which represents 5% of the 117,318,624
issued and outstanding shares of the Company as of March 4, 2014.
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 13, 2014 and ending on or before March 12,
2015, purchase up to 5,865,931 common shares through the facilities of the TSX and alternative Canadian
In accordance with TSX rules, daily purchases made by First Majestic on
the TSX will not exceed 116,903 common shares, or 25% of First
Majestic's average daily trading volume of 467,612 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 a total of 215,000 shares for cancellation
under its prior normal course issuer bid which commenced on March 13,
2013 and expires on March 12, 2014, at a volume weighted average price
of $11.385 per common share. All repurchases were made by means of
open-market transactions through the facilities of the TSX.
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.
First Majestic is adopting the Share Repurchase because it believes that
its common shares have been trading in a price range which does not
adequately reflect the value of such securities in relation to the
Company's business and its future prospects. Accordingly, the purchase
of First Majestic's common shares will increase the proportionate
interest of, and be advantageous to, all remaining shareholders of
First Majestic is a mining company focused on silver production in
México and is aggressively pursuing the development of its existing
mineral property assets and the pursuit through acquisition of
additional mineral assets which contribute to the Company achieving its
corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
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
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.
SOURCE: First Majestic Silver Corp.
For further information:
FOR FURTHER INFORMATION contact email@example.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.