FIRST MAJESTIC SILVER CORP. is pleased to announce that it has entered
into an agreement with Sprott Securities Inc. and CIBC World Markets Inc.
as co lead underwriters and including Blackmont Capital Inc. (the
"Underwriters") pursuant to which the Underwriters have agreed to purchase
8 million Units on an underwritten basis, at a price of $5.00 per Unit (the
"Issue Price") for aggregate proceeds to First Majestic Silver Corp. of $40
million. The Underwriters have the option to purchase an additional 15% of
the Offering at the Issue Price at any time prior to the closing date. Each
Unit will entitle the holder to acquire one common share and one-half of
one share purchase warrant. Each whole share purchase warrant will be
exercisable at a price of $6.50 for a period of 18 months from the date of
closing. The Underwriters will receive a commission of 5.5% of the gross
proceeds of the offering at closing. The offering is scheduled to close on
or about April 12th, 2007 and is subject to certain conditions including,
but not limited to, satisfactory due diligence and the receipt of all
necessary approvals including the approval of the TSX Venture Exchange.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an application exemption from the
registration requirements. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any sale
of the securities in any State in which such offer, solicitation or sale
would be unlawful.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
