RE:Major Sprott news re NFG holdings
First Majestic Silver Corp. and Sprott Mining Inc. have entered into a definitive agreement whereby First Majestic will acquire all of the issued and outstanding common shares of Jerritt Canyon Canada Ltd. from Sprott Mining for US$470 million in shares of First Majestic plus 5 million First Majestic share purchase warrants. Concurrent with the acquisition, Eric Sprott, President of Sprott Mining, will complete a US$30 million private placement investment in First Majestic.
Eric Sprott, President of Sprott Mining, stated, “This deal is a win-win for both parties and we look forward to having continued exposure to Jerritt Canyon’s bright future through our increased ownership in First Majestic. We have a long-standing respect and high regard for Keith Neumeyer and his leadership in the silver industry, an industry with which we have had an increasing involvement over the past two years. We also see this as a big step forward for Jerritt Canyon where it can flourish under the larger umbrella of First Majestic. I would like to take this opportunity to sincerely thank all the employees and management at Jerritt Canyon for their tireless efforts in the successful turnaround of the operation since Sprott Mining’s acquisition in 2015 and wish them well in their future with First Majestic.”