Sierra Madre and First Majestic close Del Toro silver mine acquisition for up to US$60 million

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Sierra Madre Gold and Silver and First Majestic Silver have completed the acquisition of the Del Toro Silver Mine in a deal valued at up to US$60 million. Sierra Madre paid US$20 million in cash and issued 10.87 million common shares at a deemed price of C$1.30 per share to acquire the wholly-owned First Majestic subsidiary that holds the mine. Additional contingent payments of up to US$30 million are tied to future milestones, including a US$10 million payment if a mineral resource of at least 100 million ounces of silver equivalent is demonstrated within 48 months, and another US$10 million if commercial production of at least 4,000 tonnes per day is achieved for 30 consecutive days within 60 months. Concurrent with the acquisition, Sierra Madre completed a brokered private placement of subscription receipts that raised gross proceeds of C$57.5 million to fund the transaction and future exploration. First Majestic now holds approximately 24.77% of Sierra Madre's outstanding common shares.

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First Majestic Silver Corp
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▲ PositiveCapitalrelevance

First Majestic sold the Del Toro mine for up to US$60 million and now holds 24.77% of Sierra Madre shares, monetizing an asset and gaining equity upside.

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Sierra Madre Gold and Silver Ltd.Private▲ Positive
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Sierra Madre completed the acquisition of the Del Toro mine and raised C$57.5 million in financing, expanding its asset base and funding exploration.

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