MAG Silver Announces US$4 Million Upsizing of Private Placement to US$48 Million
November 17 2017 - 9:24AM
MAG Silver Corp. (TSX:MAG) (NYSE AMERICAN:MAG)
(“MAG”) is pleased to announce
that the Company is increasing its previously announced
non-brokered private placement, from total gross proceeds of up to
US$44,000,000 to total gross proceeds of US$48,158,241 (the
"Offering"). The Offering will now consist of 4,599,641
common shares (the "Common Shares") at a price of US$10.47 per
Common Share.
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. The
Offering is expected to close on or before November 28, 2017,
subject to receipt of all necessary regulatory approvals, including
approval of the Toronto Stock Exchange.
Any securities issued pursuant to the
Offering will be 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.
On behalf of the Board ofMAG SILVER
CORP.
"George Paspalas"
President and Chief Executive
Officer
For further information on behalf of MAG Silver Corp.Contact
Michael J. Curlook, VP Investor Relations and
Communications
Phone: (604) 630-1399 Email:
info@magsilver.comToll free: (866) 630-1399
Fax: (604) 681-0894
Neither the Toronto Stock Exchange nor the NYSE
American have 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 and
applicable Canadian Securities laws. All statements in this
release, other than statements of historical facts are forward
looking statements, including risks related to satisfying
conditions of the Offering, information with respect to the use of
proceeds, our planned exploration and development activities and
other future 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, 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 Company’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. The Company does not undertake to
provide updates to any of the forward-looking statements in this
release, except as required by law.