MAG Silver Announces Closing of US$48 Million Private Placement
VANCOUVER, British Columbia, Nov. 28, 2017 (GLOBE NEWSWIRE) -- MAG Silver Corp. (TSX:MAG) (NYSE AMERICAN:MAG) ("MAG") is pleased to report that it has completed its previously announced non-brokered private placement offering of 4,599,641 common shares of MAG (the "Common Shares") to existing shareholders at a price of US$10.47 per Common Share for gross proceeds of US$48.16 million (the "Offering").
MAG intends to use the net proceeds of the Offering to fund exploration and development of the Juanicipio Project and for working capital and general corporate purposes.
Any securities issued pursuant to the Offering are subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Offering.
The securities to be issued under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of MAG's securities in the United States.
About MAG Silver Corp.
MAG Silver Corp. is a Canadian exploration and development company focused on becoming a top‐tier primary silver mining company, by exploring and advancing high‐grade, district scale, silver‐dominant projects in the Americas. Our principal focus and asset is the Juanicipio Property (44%), being developed in partnership with Fresnillo Plc (56%) and is located in the Fresnillo Silver District in Mexico, the world's premier silver mining camp. We are presently developing the underground infrastructure on the property, under the operational expertise of our joint venture partner, Fresnillo plc, to support an expected 4,000 tonnes per day mining operation. As well, we have an expanded exploration program in place investigating other highly prospective targets across the property. In addition, we continue to work on regaining surface access to our 100% owned Cinco de Mayo property in Mexico while we seek other high grade, district scale opportunities.