Fist Magestic buys Silvermex First Majestic pays $175 million for Silvermex Resources
Almost exactly the same price as GCU's market cap as of the close today. And this monster in Mexico that is their flagship project has 2011 production of 437,953 oz Ag. GCU's silver credit alone--a very small portion of the resource--is estimated at 15 milion troy ounces in the lowly first 43-101. Oh, and Silvercrest has $16 million in cash, which is less than GCU when you include income from warrants. Aaaarrrrrrrrgggggggggghhhh.
https://www.mining.com/2012/04/03/first-majestic-pays-175-million-for-silvermex-resources/
Mexican silver miner, First Majestic, announced a friendly acquisition of Silvermex Resources for Can$175 million.
“The offer values Silvemex at approximately C
.60 per share, representing a premium of approximately 33% to the closing price of Silvermex as at April 2, 2012 and approximately 43% to the 30 day volume weighted average price (“VWAP”),” wrote First Majestic in its news release.