- MAG Silver Corp. (MAG) has completed its bought-deal private placement
- The company issued 969,450 common shares on a flow-through basis, including 126,450 flow-through shares issued upon the full exercise of a 15-per-cent over-allotment option
- They were issued at a price of C$23.75 per flow-through share for aggregate gross proceeds of C$23,024,437.50
- The company plans to use the total gross proceeds from the flow-through private placement to incur expenses that are eligible “Canadian exploration expenses”
- About MAG Silver Corp. is a Canadian development and exploration company focused on exploring and advancing precious metals projects in the Americas
- MAG Silver Corp. (MAG) opened trading at $17.14 per share
MAG Silver Corp. (MAG) has completed its bought-deal private placement.
Consequently, the company has issued 969,450 common shares on a flow-through basis (as defined in the Income Tax Act (Canada), including 126,450 flow-through shares issued upon the full exercise of a 15-per-cent over-allotment option.
They were issued at a price of C$23.75 per flow-through share for aggregate gross proceeds of C$23,024,437.50.
The company plans to use the total gross proceeds from the flow-through private placement to incur expenses that are eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures”, as such terms are defined in the Income Tax Act (Canada), related to the company’s Larder Project located in Ontario.
The company will have until December 31, 2024 to incur and renounce the qualifying expenditures using the proceeds of the flow-through private placement.
The underwriters received a commission equal to 5.0 per cent of the gross proceeds of the flow-through private placement.
The flow-through shares will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
About MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, precious metals projects in the Americas.
MAG Silver Corp. (MAG) opened trading at $17.14 per share.