Wednesday, April 4, 2012

First Majestic Buying Silvermex Resources For $176.57 M

The trend of consolidation and acquisitions in the mining sector continued Tuesday as Bull Run's favorite silver miner First Majestic announced a deal to acquire Silvermex Resources for $176.57 million.

REUTERS) -- Silver miner First Majestic said on Tuesday that it will take over Silvermex Resources in a friendly deal that values the smaller company at C$175.4 million ($176.57 million).

The deal comes as First Majestic, which is focused on becoming a senior silver producer, looks to add a fourth producing mine to its portfolio of silver assets in Mexico.

Silvermex shareholders will get 0.0355 of a First Majestic share plus C$0.0001 in cash per common share in the deal, values Silvermex at 60 Canadian cents a share, First Majestic said.
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