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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: maxncompany	4/20/2007 10:13:51 AM
	of 78419

Here's the FR news..... First Majestic arranges $20-million bought deal 2007-04-20 10:10 ET - News Release Mr. Keith Neumeyer reports FIRST MAJESTIC SILVER CORP.: FINANCING AMENDED First Majestic Silver Corp. has engaged Cormark Securities Inc. (formerly Sprott Securities Inc.) and CIBC World Markets Inc. (as co-lead underwriters), and Blackmont Capital Inc. as underwriters to purchase on a bought-deal basis up to four million special warrants of the company at a price of $5 per special warrant (the issue price) for total gross proceeds to First Majestic Silver of $20-million. The underwriters will have the option to sell up to an additional $24-million of the offering at the issue price at any time prior to the closing date. Each special warrant will be exercisable for one unit of the company and will be automatically exercised for one unit of the company on the date the company obtains a final receipt for a prospectus qualifying the underlying shares. In the event the company has not obtained a final receipt prior to the date that is 11 weeks after the closing date, each special warrant will be automatically exercised for 1.08 units. Each unit will entitle the holder to acquire one common share and one-half of one share purchase warrant. Each whole share purchase warrant will be exercisable at a price of $6.50 for a period of 18 months from the date of closing. The underwriters will receive a commission of 5.5 per cent of the gross proceeds of the offering at closing. The offering is scheduled to close on or about May 10, 2007, and is subject to certain conditions including, but not limited to, satisfactory due diligence and the receipt of all necessary approvals including the approval of the TSX Venture Exchange. Further to the company's press release in Stockwatch dated March 27, 2007, under which the company announced the filing of a preliminary short form prospectus, the company advises that it is withdrawing that prospectus. The company has been asked by the securities regulatory authorities to update its 43-101 technical reports for its principal properties and, since it became unlikely that a receipt for its short form prospectus was going to be issued by securities regulatory authorities by the time required under the short form offering, the company has voluntarily withdrawn the short form prospectus and is proceeding with the private placement disclosed above. We seek Safe Harbor.

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