Yukon may assume Victoria Gold accident cleanup
Officials said Victoria must increase holding ponds and boost its treatment of cyanide-contaminated water from the landslide.
First Majestic (NYSE:AG) was up 4.19% to $5.17 a share today after announcing that it is has acquired 19.7% of the outstanding shares of First Mining Finance.
First Mining Finance (TSX VENTURE:FF) is a mineral property holding company which acquires mineral assets with a focus in the Americas. Founder and chairman of First Mining Finance is Keith Neumeyer, who is also CEO of First Majestic Silver Corp.
Last month First Mining Finance announced that it had acquired all the outstanding shares of Sundance Minerals Ltd.
First Majestic also announced today the creation of a Chief Transformation Officer position to drive continuous improvement at the company’s operations.
First Majestic’s 52 week range is $3.75 to $11.29.
Full news release is below.
First Majestic Announces Acquisition of Shares of First Mining Corp.
VANCOUVER, British Columbia, April 6, 2015- First Majestic Silver Corp. (“First Majestic” or the “Company”) announces that it has acquired 14,509,279 common shares of First Mining Finance Corp. (“First Mining”) (FF: TSXV), representing 19.7% of the outstanding common shares of First Mining.
The common shares were acquired by First Majestic in its capacity as a shareholder of KCP Minerals Inc. (formerly known as Sundance Minerals Ltd.) (“Sundance”), a private company, in accordance with a Plan of Arrangement under the Business Corporations Act (British Columbia) pursuant to which all of the outstanding securities of Sundance were exchanged for securities of First Mining (the “Plan of Arrangement”).
First Majestic acquired the common shares pursuant to the Plan of Arrangement. First Majestic may, in the ordinary course of business, acquire or dispose of securities of First Mining. This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by First Majestic in connection with the acquisition of the common shares is available on First Mining’s SEDAR profile, and it can also be obtained directly from First Majestic.
First Majestic is a mining company focused on silver production in México and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.
DISCLOSURE: Writer owns First Majestic shares.
Comments
RobX
For my Precious Metals / Energy investment: Back in 2005 to 2007, I more than doubled my money on FM then switched over to a few Oil stocks. That had a good run, but exited out of oil in early summer of 2014 and sat with cash on the sidelines for about six months.
It is really tough to understand this economy.
By November 2014, my decision was to be a heavy buyer of FM again under $4.50. As it hit $6.50, I didn’t sell. My plan is to hold fast and re-evaluate in Nov 2015.
Silver is a great story of shortage from increased industrial demand and diminishing worldwide mining output. I think that 99% of the experts will not recgonize the bull market in silver until it is well underway.
Time will tell if the next 9 months will be good for silver prices.
A well run, efficient designed mine with good ore have the possibility of exploding in value.