Connect with us

Silver

First Majestic Silver To Raise US$100 Million Via At The Market Financing

First Majestic Silver Corp (TSX: FR) has evidently chosen one of the worst possible times in the market to attempt
The post First Majestic Silver To Raise…

Published

on

This article was originally published by The Deep Dive

First Majestic Silver Corp (TSX: FR) has evidently chosen one of the worst possible times in the market to attempt to raise funds. The firm this morning announced that it will be conducting an at the market equity program, following the release of its second quarter production results.

The financing will see the company raise up to US$100.0 million via the sale of common shares on the New York Stock Exchange. No shares under the program are to be sold on the Toronto Stock Exchange or any other exchange in Canada. The financing is to be facilitated by BMO Capital Markets and TD Securities.

The at-the-market financing follows a share repurchase program enacted by the company in March, which proposed to repurchase up to 10.0 million common shares of the company under a normal course issuer bid.

Earlier this morning, the company announced that it produced 7.7 million silver equivalent ounces in the second quarter, an improvement of 20% over the year ago period. Guidance was also modified slightly, with total production estimated to come in at 32.5 to 34.6 million silver equivalent ounces, versus prior guidance of 32.2 to 35.8 million silver equivalent ounces.

AISC guidance meanwhile rose from $16.79 to $18.06 per silver equivalent ounce to that of $17.68 to $18.42 per ounce – putting the company dangerously close to simply being break even with current silver prices. The company is said to be assuming a silver price of $20.50 for the second half of the year, despite the metal currently at $18.65 on spot markets.

Capital budgets were also revised, with capital investments reduced by 4% to $199.5 million. Exploration drilling is taking a hit as well, with planned metres being cut by 25% to 240,450 metres in 2022.

First Majestic Silver last traded at $8.88 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post First Majestic Silver To Raise US$100 Million Via At The Market Financing appeared first on the deep dive.


toronto stock exchange
new york stock exchange

Closing Bell: Flat as on Aussie markets, but underground things are moving fast for Tempus Resources, up 60%

Aussie markets are flat, flat, flat (actually the benchmark found 0.1%) Banks are lower, consumer names higher Explorers Devex and … Read More
The post…

Continue Reading
Precious Metals

Team Canada wins 92 medals at the Commonwealth Games

BIRMINGHAM – From July 28th to August 8th Team Canada competed at the XXII Commonwealth Games, winning 92 total medals, 26 gold, 32 silver and 34…

Continue Reading
Precious Metals

Why Invest In Fortuna Silver Mines Inc. (FSM) Stock?

Fortuna Silver Mines Inc. (NYSE:FSM) has seen 1.52 million shares traded in the recent trading session. The company, currently valued at $831.17M, closed…

Continue Reading

Trending