VANCOUVER, British Columbia, Jan. 23, 2018 (GLOBE NEWSWIRE) -- MAG Silver Corp. (“MAG”) reports that, pursuant to the initial public offering (the “Offering”) of Group Eleven Resources Corp., (“Group Eleven”), MAG acquired an aggregate of 2,500,000 units (“Units”) at a price of $0.40 per Unit for aggregate consideration of $1,000,000. Each Unit is comprised of one common share of Group Eleven (a “Share”) and one common share purchase warrant (each, a “Warrant” and together with the Shares, the “Securities”). Each Warrant acquired pursuant to the Offering entitles the holder thereof to acquire one additional share (a “Warrant Share”) upon payment to Group Eleven of $0.60 per Warrant Share on or before December 14, 2018.
All amounts herein are reported in Canadian dollars unless otherwise specified.
Immediately prior to the Offering, MAG held 6,971,208 Shares and 4,632,950 Warrants, believed to represent 15.6% of the Shares then outstanding on a non-diluted basis and 23.5% of the Shares then outstanding on a partially diluted basis.
Immediately following completion of the Offering, MAG held 9,471,208 Shares and 7,132,950 Warrants, believed to represent 15.7% of the Shares then outstanding on a non-diluted basis and 24.6% of the Shares then outstanding on a partially-diluted basis.
The Securities were acquired by MAG for strategic investment purposes. MAG has no current plans or intentions which relate to, or would result in, acquiring or disposing of Securities of Group Eleven. Depending on market conditions, MAG’s view of Group Eleven’s prospects and condition, other investment opportunities available to MAG and other factors considered relevant by MAG, MAG may acquire additional Securities from time to time in the future, or may sell all or a portion of the Securities held by it.
MAG was incorporated under the laws of the Province of British Columbia and its head office is located at #770 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
Group Eleven was incorporated under the laws of the Province of British Columbia and its head office is located at 2200 – 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8.
