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MAG Silver to raise cash for Juanicipio project

Bnamericas Published: Tuesday, April 28, 2020
MAG Silver to raise cash for Juanicipio project

MAG Silver will raise Cdn$60.0mn (US$43.0mn) to fund advances at the Juanicipio project in Mexico.

MAG arranged a non-brokered private placement with Canadian billionaire Eric Sprott, offering 4.53mn shares at Cdn$13.25 per share.

“We understand this is Mr Sprott’s largest single investment in the silver space, and would like to thank him for his strong sign of support,” MAG CEO George Paspalas said in a statement.

Net proceeds will be used for exploration and development of the Juanicipio silver-gold project, a 44:56 JV with Fresnillo.

Proceeds will also be used for working capital and general corporate purposes, said MAG. The offering is expected to close by April 30.

Surface exploration and construction at Juanicipio have been suspended to comply with Mexican lockdown measures aimed at slowing the spread of COVID-19.

The US$440mn project is expected to produce 11.7Moz/y silver and 43,500oz/y gold, with first production earmarked for 2021.

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