Silvermex Securityholders Approve Plan of Arrangement With First Majestic
June 26 2012 - 3:22PM
Marketwired
First Majestic Silver Corp. ("First Majestic")
(TSX:FR)(NYSE:AG)(FRANKFURT:FMV) and Silvermex Resources Inc.
(TSX:SLX)(OTCBB:GGCRF)(FRANKFURT:GSBN) ("Silvermex") are pleased to
announce the positive results from the Silvermex annual general and
special meeting held today in Vancouver, Canada. Silvermex
shareholders, warrantholders and optionholders (together, the
"Securityholders") overwhelmingly voted in favour of the previously
announced plan of arrangement (the "Arrangement") whereby First
Majestic will acquire all of the issued and outstanding common
shares of Silvermex.
Following the unanimous recommendation by the Silvermex Board of
Directors, the transaction was approved by over 99% of the votes
cast by Securityholders at the meeting. The Final Court Order
approving the Arrangement will be sought on June 28, 2012. The
effective date of the arrangement is expected to be on July 3,
2012.
Duane Nelson, CEO and Director of Silvermex said, "I am
extremely pleased with the overwhelmingly positive response to the
Arrangement by our shareholders which further reinforces our view
that the acquisition by First Majestic is in the best interest of
our shareholders. By joining together with First Majestic, our
shareholders will gain exposure to First Majestic's pipeline of
assets."
Keith Neumeyer, President and CEO of First Majestic said, "We
are very pleased to welcome the Silvermex shareholders into the
First Majestic family and look forward to the full integration of
the La Guitarra Silver Mine into the First Majestic portfolio of
producing assets. This acquisition further advances our goal of
becoming the next senior silver producer and further retains our
industry status as the purest silver producer in the world."
This transaction is expected to substantially benefit Silvermex
shareholders by not only diversifying Silvermex's single asset risk
profile into First Majestic's portfolio of Mexican assets, but also
bringing the necessary capital and operational expertise required
to potentially accelerate exploration activities and production
growth at the La Guitarra Mine.
ABOUT SILVERMEX
Silvermex Resources Inc. is a publicly traded mining company
focused in Mexico and led by a highly qualified team of
professionals from some of the most notable companies in the silver
mining sector. The Company's portfolio of projects ranges from
early stage exploration to production. Its core asset is the
producing La Guitarra silver-gold mine located in the Temascaltepec
Mining District of Mexico.
ABOUT FIRST MAJESTIC
First Majestic is a producing silver company focused on silver
production in Mexico and is aggressively pursuing its business plan
of becoming a senior silver producer through the development of its
existing mineral property assets and the pursuit through
acquisition of additional mineral assets which contribute to First
Majestic achieving its aggressive corporate growth objectives.
ON BEHALF OF THE BOARD OF FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
ON BEHALF OF THE BOARD OF SILVERMEX RESOURCES INC.
Duane Nelson, CEO & Director
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "Forward-Looking Statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast",
"may", "schedule" and similar words or expressions, identify
forward-looking statements or information. These forward-looking
statements or information relate to, among other things: the price
of silver and other metals; the accuracy of mineral reserve and
resource estimates and estimates of future production and costs of
production at our properties; estimated production rates for silver
and other payable metals produced by us; proposed exploration and
development plans; the estimated cost of development of our
development projects; the effects of laws, regulations and
government policies on our operations, including, without
limitation, the laws in Mexico which currently have significant
restrictions related to mining; obtaining or maintaining necessary
permits, licences and approvals from government authorities; and
continued access to necessary infrastructure, including, without
limitation, access to power, land, water and roads to carry on
activities as planned.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements or information and
the Company has made assumptions and estimates based on or related
to many of these factors. Such factors include, without limitation:
fluctuations in the spot and forward price of silver, gold, base
metals or certain other commodities (such as natural gas, fuel oil
and electricity); fluctuations in the currency markets (such as the
Canadian dollar and Mexican peso versus the U.S. dollar); changes
in national and local government, legislation, taxation, controls,
regulations and political or economic developments in Canada,
Mexico; operating or technical difficulties in connection with
mining or development activities; risks and hazards associated with
the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inability to obtain adequate insurance to cover risks and
hazards; and the presence of laws and regulations that may impose
restrictions on mining, including those currently enacted in
Mexico; employee relations; relationships with and claims by local
communities and indigenous populations; changes in business plans
and allocation of internal resources; availability and increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development, including the risks
of obtaining necessary licenses, permits and approvals from
government authorities; diminishing quantities or grades of mineral
reserves as properties are mined; the Company's title to
properties; and the factors identified under the caption "Risk
Factors" in the Company's Annual Information Form, under the
caption "Risks Relating to First Majestic's Business".
Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be anticipated, estimated or intended. The Company
does not intend, and does not assume any obligation, to update
these forward-looking statements or information to reflect changes
in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
Contacts: First Majestic Silver Corp. Todd Anthony Investor
Relations 1-866-529-2807 or (604) 688-3033 (604) 639-8873
(FAX)info@firstmajestic.com www.firstmajestic.com
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