VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) — MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or the “Company”) introduced in the present day that it’s has entered into an settlement with a syndicate of underwriters (the “Underwriters”) led by BMO Capital Markets and Raymond James Ltd. underneath which the Underwriters have agreed to purchase on a purchased deal foundation 2,735,000 frequent shares (the “Common Shares”) at a worth of US$14.65 per Common Share for gross proceeds of roughly US$40 million (the “Public Offering”). The Company has granted the Underwriters an possibility, exercisable on the providing worth for a interval of 30 days following the closing of the Public Offering, to buy as much as a further 15% of the Public Offering to cowl over-allotments, if any.
The Company concurrently introduced that it’s enterprise a purchased deal personal placement of 843,000 frequent shares to be issued on a flow-through foundation underneath the Income Tax Act (Canada) (the “Flow-Through Shares”) at a worth of C$23.75 per Flow-Through Share for combination gross proceeds of C$20 million (the “Flow-Through Private Placement”). The Company has granted the Underwriters an possibility exercisable, in entire or partly, at any time as much as 48 hours previous to the closing of the Flow-Through Private Placement, to buy a further 15% of the Flow-Through Private Placement to cowl over-allotments, if any.
The Common Shares will probably be provided by means of a brief kind prospectus in all provinces and territories of Canada, apart from Quebec, and will probably be provided within the United States pursuant to a prospectus filed as a part of a registration assertion underneath the Canada/U.S. multi-jurisdictional disclosure system. A registration assertion on Form F-10, together with the U.S. preliminary prospectus (along with any amendments thereto, the “Registration Statement”), registering the Common Shares underneath the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) has been filed with the United States Securities and Exchange Commission (the “SEC”) however has not but turn into efficient. The preliminary brief kind prospectus and Registration Statement are topic to completion and modification. Such paperwork comprise essential details about the Public Offering. This information launch shall not represent a proposal to promote or the solicitation of a proposal to purchase nor shall there be any sale of the Common Shares in any jurisdiction by which such supply, solicitation or sale can be illegal previous to registration or qualification underneath the securities legal guidelines of that jurisdiction.
The web proceeds of the Public Offering will probably be used to fund exploration on Juanicipio and MAG’s different initiatives together with Deer Trail, sure sustaining and growth capital necessities on the Juanicipio Project not included within the preliminary undertaking capital estimates, and for working capital and basic company functions.
The Public Offering is predicted to shut on or about February 7, 2023 and is topic to the Company receiving all essential regulatory approvals, together with conditional acceptance of the Toronto Stock Exchange and approval by the NYSE American. The completion of the Public Offering isn’t conditional upon the completion of the Flow-Through Private Placement. The preliminary brief kind prospectus is accessible on SEDAR at www.sedar.com. The Registration Statement is accessible on the SEC’s web site at www.sec.gov. The Common Shares to be offered within the Public Offering described on this doc might not be offered nor could affords to purchase be accepted previous to the time the Registration Statement turns into efficient. Before readers make investments, they need to learn the prospectus within the Registration Statement and different paperwork the Company has filed with Canadian regulatory authorities and the SEC for extra full details about the Company and the Public Offering. Potential traders could get any of those paperwork without cost by visiting EDGAR on the SEC web site at www.sec.gov or, when such paperwork turn into accessible, by way of SEDAR at www.sedar.com. Copies of the prospectus referring to the Public Offering could also be obtained without cost upon request in Canada by contacting BMO Nesbitt Burns Inc. (“BMO Capital Markets”), Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by phone at 905-791-3151 Ext 4312 or by e mail at email@example.com, and within the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W forty second Street, thirty second Floor, New York, NY 10036, or by phone at (800) 414-3627 or by e mail at firstname.lastname@example.org.
Flow-Through Private Placement
The whole gross proceeds from the Flow-Through Private Placement will probably be used to incur bills which can be eligible “Canadian exploration expenses” that may qualify as “flow-through mining expenditures”, as such phrases are outlined within the Income Tax Act (Canada) (the “Qualifying Expenditures”), associated to the Company’s Larder Project situated in Ontario, Canada. The Company could have till December 31, 2024 to incur and surrender the Qualifying Expenditures utilizing the proceeds of the Flow-Through Private Placement.
The Flow-Through Private Placement is predicted to shut on or about February 16, 2023 and will probably be topic to customary situations together with, however not restricted to, the receipt of all essential regulatory approvals, together with conditional acceptance of the Toronto Stock Exchange and approval by the NYSE American. The completion of the Flow-Through Private Placement isn’t conditional upon the completion of the Public Offering.
The Flow-Through Shares issued pursuant to the Flow-Through Private Placement will probably be topic to a maintain interval expiring 4 months and sooner or later from the date of issuance in accordance with relevant Canadian securities legal guidelines. The Flow-Through Shares haven’t been, and won’t be, registered underneath the U.S. Securities Act and are usually not permitted to be provided or offered throughout the United States absent such registration or an relevant exemption from the registration necessities therein.
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian growth and exploration firm targeted on changing into a top-tier main silver mining firm by exploring and advancing high-grade, district scale, treasured metals initiatives within the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The undertaking is situated within the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp, the place the operator is at present advancing underground mine growth and commissioning a 4,000 tonnes per day processing plant. Underground mine manufacturing of mineralized growth materials commenced in Q3 2020, and an expanded exploration program is in place focusing on a number of extremely potential targets at Juanicipio. MAG can also be executing multi-phase exploration packages on the Deer Trail 100% earn-in Project in Utah and the just lately acquired Larder Project, situated within the traditionally prolific Abitibi area of Canada.
For additional data on behalf of MAG Silver Corp.
Contact Michael J. Curlook, VP Investor Relations and Communications
Phone: (604) 630-1399
Toll Free: (866) 630-1399
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted accountability for the accuracy or adequacy of this press launch, which has been ready by administration.
Cautionary Note Regarding Forward-Looking Statements
This information launch consists of sure statements which may be deemed to be “forward-looking information” throughout the that means of relevant Canadian securities laws or “forward-looking statements” throughout the that means of the US Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements on this launch, apart from statements of historic info, are forward-looking statements, together with statements concerning the anticipated monetary and different impacts of the Public Offering and Flow-Through Private Placement, the anticipated completion and anticipated timing for closing of the Public Offering and Flow-Through Private Placement, anticipated use of proceeds and receipt of regulatory approvals. Forward-looking statements are sometimes, however not at all times, recognized by means of phrases similar to “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and related expressions. These statements contain identified and unknown dangers, uncertainties and different elements that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. Forward-looking statements are essentially based mostly upon estimates and assumptions, that are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies, lots of that are past the Company’s management and plenty of of which, concerning future enterprise choices, are topic to alter. Assumptions underlying the Company’s expectations concerning forward-looking statements contained on this information launch embody, amongst different issues, that the Company will be capable to increase adequate fairness underneath the Public Offering and/or Flow-Through Private Placement to help its meant use of proceeds and future progress; that the worldwide monetary markets and basic financial situations will probably be secure and conducive to fairness financings of this nature and the enterprise of the Company typically; and that the Company’s mineral initiatives won’t expertise any vital disruptions that might materially have an effect on operations. Although MAG believes the expectations expressed in such forward-looking statements are based mostly on cheap assumptions, such statements are usually not ensures of future efficiency and precise outcomes or developments could differ materially from these within the forward-looking statements. Factors that would trigger precise outcomes to vary materially from these in forward-looking statements embody, however are usually not restricted to: dangers associated to the Company’s potential to rearrange financing underneath the Public Offering and/or Flow-Through Private Placement on beneficial phrases, if in any respect; basic financial, market or enterprise situations; political danger, forex danger and capital price inflation; volatility of the frequent shares within the capital of the Company and dangers associated to a change within the meant use of proceeds from the Public Offering and/or Flow-Through Private Placement. The reader is referred to the Company’s filings with the SEC and Canadian securities regulators for disclosure concerning these and different danger elements. There is not any certainty that any forward-looking assertion will come to cross, and traders shouldn’t place undue reliance upon forward-looking statements. Investors are urged to think about intently the disclosures in MAG’s annual and quarterly reviews and different public filings, accessible via the Internet at www.sedar.com and www.sec.gov.
MAG Silver Announces US$40 Million Bought Deal MJDS
MAG Silver Announces US$40 Million Bought Deal MJDS
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MAG Silver Announces US$40 Million Bought Deal MJDS