Mag Silver to raise $75-million in bought deal

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Mag Silver to raise $75-million in bought deal

posted on Jun 26, 2014 04:29PM

Mag Silver to raise $75-million in bought deal

2014-06-26 15:49 ET - News Release

Mr. Michael Curlook reports

MAG SILVER CORP ANNOUNCES C$75 MILLION BOUGHT DEAL FINANCING

Mag Silver Corp. has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and Raymond James, under which the underwriters have agreed to buy on a bought-deal basis 7.32 million common shares at a price of $10.25 per common share for gross proceeds of $75.03-million. The company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15 per cent of the offering to cover overallotments, if any. The offering is expected to close on or about July 16, 2014, and is subject to the company receiving all necessary regulatory approvals.

The net proceeds of the offering will be used to finance exploration and development of the company's Juanicipio project in Zacatecas state, Mexico, and for working capital and general corporate purposes.