First Majestic Silver launches C$30m offering

Precious metals producer First Majestic Silver on Monday announced that it had entered into an agreement with BMO Capital Markets, under which BMO had agreed to buy 4.62-million shares of the company, at C$6.50 apiece for gross proceeds of C$30.03-million. First Majestic explained that it intended to use the net proceeds of the offering for general working capital and ramp development at the La Guitarra silver mine, in Mexico. The company intended to link the Coloso mine to the Nazareno area, with the aim of bringing Nazareno online by year-end.