Benzinga | Mar 18, 2021 11:00AM EDT

First Majestic Says Renews Share Buyback Program

First Majestic Silver Corp. ("First Majestic" or the "Company") announces that it has received regulatory consent to extend its share repurchase program (the "Share Repurchase") 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 order to implement the Share Repurchase, First Majestic has received TSX approval of its notice of intention to make a normal course issuer bid. The notice provides that First Majestic may, during the 12 month period commencing on March 22, 2021 and ending on or before March 21, 2022, purchase up to 10,000,000 common shares through the facilities of the TSX and alternative Canadian marketplaces.

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.

Under its prior normal course issuer bid, the Company did not repurchase any shares as of March 17, 2021. Under this prior normal course issuer bid, which commenced on March 21, 2020 and expires on March 20, 2021, the Company received approval to purchase up to 10,000,000 common shares.

First Majestic 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.

The Company believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of common shares would be in the best interests of the Company. Such purchases are expected to benefit all remaining shareholders by increasing their proportionate equity interest in the Company.