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VANCOUVER, March 11, 2015 /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 5,879,732
common shares of the Company which represents 5% of the 117,594,640
issued and outstanding shares of the Company as of March 6, 2015.
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, 2015 and ending on or before
March 12, 2016, purchase up to
5,879,732 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 149,316 common shares, or 25% of
First Majestic's average daily trading volume of 597,262 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 140,000 shares for
cancellation under its prior normal course issuer bid which
commenced on March 13, 2014 and
expires on March 12, 2015, at a
volume weighted average price of $7.53 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 renewing 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.
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.
"signed"
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 issuer bid.
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.