First Majestic Completes Acquisition of Normabec Mining Resources; Normabec Spins Out Brionor Resources Inc.
14 November 2009 - 3:42AM
Marketwired
First Majestic Silver Corp. ("First Majestic") (TSX: FR)(OTCQX:
FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ), Normabec Mining Resources Ltd.
("Normabec") (TSX VENTURE: NMB) and Brionor Resources Inc.
("Brionor") are pleased to announce the closing today of the plan
of arrangement (the "Arrangement") previously announced in the
joint news release of First Majestic and Normabec dated September
14, 2009.
Under the Arrangement, First Majestic today acquired all of the
issued and outstanding shares of Normabec and Brionor acquired all
of the non-Mexican assets of Normabec, including the Pitt Gold
Property located in Quebec. Holders of Normabec shares will receive
0.060425 First Majestic shares and 0.25 Brionor shares for each
Normabec common share held.
Concurrent with the completion of the Arrangement, First
Majestic purchased, via a private placement, 2,115,195 common
shares of Brionor for an aggregate purchase price of C$300,000,
representing a price per share of approximately C$0.1418. These
shares represent 9.9% of the total issued and outstanding shares of
Brionor after completion of the transactions.
Shares of Brionor are expected to commence trading on the TSX
Venture Exchange under the symbol BNR by Wednesday, November 18,
2009. Until the shares of Brionor commence trading separately,
Normabec will continue to be listed and trading on the TSX Venture
Exchange. Shares of Normabec purchased on the Exchange will
represent only the right to receive shares of First Majestic and
Brionor based on the exchange ratios described above.
Former shareholders of Normabec will receive the shares of First
Majestic and Brionor to which they are entitled upon delivery to
Computershare Trust Company of Canada of the certificates
previously representing their Normabec shares together with a duly
completed letter of transmittal. Shareholders are encouraged to
contact Computershare for further information concerning the
exchange process.
Gryphon Partners acted as financial advisor to First Majestic
and Haywood Securities Inc. acted as financial advisor to Normabec
in connection with the Arrangement.
About First Majestic
First Majestic is a producing silver company focused in Mexico
and is aggressively pursuing its business plan to become a senior
silver producer through the development of its existing assets and
the pursuit through acquisition of additional assets that
contribute to achieving its corporate growth objectives. Presently
First Majestic owns three operating silver mines in Mexico, the La
Encantada, the La Parrilla, and the San Martin Silver Mines, as
well as a project undergoing pre-feasibility known as the Del Toro
Silver Mine.
About Brionor
Brionor is a junior mining exploration company with a portfolio
of exploration projects including the 100% owned Pitt Gold Project
in Quebec.
First Majestic Silver Corp.
Keith N. Neumeyer, President & CEO
Brionor Resources Inc.
Robert Ayotte, President & CEO
This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and
reserves, exploration results and future plans and objectives of
First Majestic Silver Corp. are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements.
The securities issuable under the Arrangement have not been and
will not be registered under the United States Securities Act of
1933, as amended, or the securities laws of any state, and are
expected to be issued pursuant to exemptions from such registration
requirements.
Contacts: First Majestic Silver Corp. Keith N. Neumeyer
President & CEO 604-688-3033 info@firstmajestic.com
www.firstmajestic.com Brionor Resources Inc. Robert Ayotte
President & CEO 450-441-9177 robert.ayotte@videotron.ca
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