First Majestic renews share repurchase program
(Kitco News) - First Majestic Silver announced today that it has received regulatory consent to extend its share repurchase program pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange ("TSX") or alternative Canadian market places over the next 12 months.
Pursuant to the share repurchase, the company has the ability to repurchase up to 10,000,000 common shares of the company which represents approximately 4.5% of the 221,681,131 issued and outstanding shares of the company as of March 8, 2021.
In accordance with TSX rules, daily purchases made by the company on the TSX will not exceed 349,596 common shares, or 25% of First Majestic's average daily trading volume of 1,398,384 common shares on the TSX for the six calendar months preceding the date of the acceptance of the original notice, subject to certain prescribed exemptions.
First Majestic said it will make no purchases of common shares under the normal course issuer bid other than open-market purchases. The price that the company will pay for any common shares will be the prevailing market price of such shares at the time of acquisition. All common shares, if any, purchased pursuant to the share repurchase will be cancelled.
First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The company presently owns and operates the San Dimas silver/gold Mine, the Santa Elena silver/gold mine and the La Encantada silver Mine. Production from these mines are projected to be between 12.5 to 13.9 million silver ounces or 20.6 to 22.9 million silver equivalent ounces in 2021.