SILVER: First Majestic scoops up $57.5M for Mexican projects

MEXICO – Vancouver-based First Majestic Silver Corp. has closed a bought deal financing that grossed almost $57.5 million including the over-allotment. The private placement was taken up by a syndicate co-led by Cormark Securities and BMO Capital Markets. First Majestic plans to use the net proceeds to expand the La Guitarra silver mine 130 km southwest of Mexico City to 1,000 t/d and to advance the roasting analysis and testing at the La Encantada silver mine in Coahuila state. First Majestic operates six mines in Mexico to produce silver, gold, copper, lead and zinc. See www.FirstMajestic.com for details.