First Majestic trades higher after share acquisition news
First Majestic (NYSE:AG) was up 4.19% to $5.17 a share today after announcing that it is has acquired 19.7% of the outstanding shares of First Mining Finance.
First Mining Finance (TSX VENTURE:FF) is a mineral property holding company which acquires mineral assets with a focus in the Americas. Founder and chairman of First Mining Finance is Keith Neumeyer, who is also CEO of First Majestic Silver Corp.
Last month First Mining Finance announced that it had acquired all the outstanding shares of Sundance Minerals Ltd.
First Majestic also announced today the creation of a Chief Transformation Officer position to drive continuous improvement at the company's operations.
First Majestic's 52 week range is $3.75 to $11.29.
Full news release is below.
First Majestic Announces Acquisition of Shares of First Mining Corp.
VANCOUVER, British Columbia, April 6, 2015- First Majestic Silver Corp. ("First Majestic" or the "Company") announces that it has acquired 14,509,279 common shares of First Mining Finance Corp. ("First Mining") (FF: TSXV), representing 19.7% of the outstanding common shares of First Mining.
The common shares were acquired by First Majestic in its capacity as a shareholder of KCP Minerals Inc. (formerly known as Sundance Minerals Ltd.) ("Sundance"), a private company, in accordance with a Plan of Arrangement under the Business Corporations Act (British Columbia) pursuant to which all of the outstanding securities of Sundance were exchanged for securities of First Mining (the "Plan of Arrangement").
First Majestic acquired the common shares pursuant to the Plan of Arrangement. First Majestic may, in the ordinary course of business, acquire or dispose of securities of First Mining. This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by First Majestic in connection with the acquisition of the common shares is available on First Mining's SEDAR profile, and it can also be obtained directly from First Majestic.
First Majestic is a mining company focused on silver production in México and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.
DISCLOSURE: Writer owns First Majestic shares.