MAG Silver Completes US$50M ATM
September 08 2020 - 6:30AM
MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG
Silver”) is pleased to announce that the US$50 million
at-the-market equity program (the “ATM Program”) previously
announced (see Press Release June 30, 2020) has been
completed. Since June 30, 2020, MAG Silver sold and issued
3,092,783 common shares under the ATM Program at an average price
of US$16.16 per share, for gross and net proceeds of US$50 million
and US$48.625 million, respectively. There is no further remaining
availability under this ATM Program.
Under the ATM Program, MAG Silver was permitted
to issue up to an aggregate of US$50 million worth of common shares
from treasury, at prevailing market prices to the public through
the NYSE American or any other marketplace on which the common
shares are listed, quoted or otherwise traded in the United States.
The volume and timing of distributions under the ATM Program was
determined at MAG Silver’s sole discretion, subject to applicable
regulatory limitations.
MAG Silver intends to use the net proceeds of
the Offering primarily to fund the completion of construction of
the Juanicipio Project, with any remainder to fund further
exploration of Juanicipio and other projects, and for working
capital and general corporate purposes.
The sales agreement under the ATM Program was
entered into on June 29, 2020 with Raymond James & Associates
(the "Lead Agent"), Canaccord Genuity (together with the Lead
Agent, the "Selling Agents"), BMO Capital Markets, H.C. Wainwright
& Co., Roth Capital Partners and TD Securities (together, the
“Agents”).
“We are very pleased with the outcome of the
ATM, and MAG is now well positioned for the final stages to
completion of the Juanicipio project,” said George Paspalas,
President and CEO.
About MAG Silver Corp.
MAG Silver Corp. is a Canadian advanced stage
development and exploration 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. Its principal focus and asset is the Juanicipio Project
(44%), being developed in a joint venture with Fresnillo (56%). The
Juanicipio Project is located in the Fresnillo Silver Trend in
Mexico, the world's premier silver mining camp. The
Juanicipio Joint Venture is currently constructing and developing
the surface and underground infrastructure on the property to
support a 4,000 tonnes per day mining operation, with the
operational expertise of Fresnillo, the project operator. As
well, an expanded exploration program is in place at Juanicipio
with multiple highly prospective targets across the property.
Neither the Toronto Stock Exchange nor the NYSE
American has reviewed or accepted responsibility for the accuracy
or adequacy of this press release, which has been prepared by
management.
This release includes certain statements that
may be deemed to be “forward-looking statements” within the meaning
of the US Private Securities Litigation Reform Act of 1995. All
statements in this release, other than statements of historical
facts are forward looking statements, including statements that
address future mineral production, reserve potential,
exploration drilling, exploitation activities and events or
developments. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements.
Although MAG believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include, but are not limited to, changes in
commodities prices, changes in mineral
production performance, exploitation and exploration
successes, continued availability of capital and financing, and
general economic, market or business conditions; the use of the net
proceeds from the private placement is subject to change; political
risk, currency risk and capital cost inflation. In addition,
forward-looking statements are subject to various risks, including
that data is incomplete and considerable additional work will be
required to complete further evaluation, including but not limited
to drilling, engineering and socio-economic studies and
investment. The reader is referred to the MAG Silver’s filings
with the SEC and Canadian securities regulators for disclosure
regarding these and other risk factors. There is no certainty that
any forward-looking statement will come to pass and investors
should not place undue reliance upon forward-looking
statements.
Please Note: Investors are urged to consider
closely the disclosures in MAG's annual and
quarterly reports and other public filings, accessible through
the Internet at www.sedar.com and www.sec.govLEI:
254900LGL904N7F3EL14
For further information on behalf of MAG Silver Corp.
Contact Michael J. Curlook, VP Investor Relations and Communications
Phone:(604) 630-139
Toll Free:(866) 630-1399
Website:www.magsilver.com
Email:info@magsilver.com
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