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.
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