|MAG Silver Corp. - MAG.t is focused on advancing two significant projects located within the Mexican Silver Belt.|
The company is advancing the underground decline towards the high grade Valdecañas Silver vein and delineating the Desprendido and Juanicipio discoveries in Zacatecas State, all within the joint venture between MAG Silver (44%) and Fresnillo PLC (56%).
On June 26, 2014 the company released News
"MAG SILVER CORP ANNOUNCES C$75 MILLION BOUGHT DEAL FINANCING
Mag Silver Corp. has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and Raymond James, under which the underwriters have agreed to buy on a bought-deal basis 7.32 million common shares at a price of $10.25 per common share for gross proceeds of $75.03-million. The company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15 per cent of the offering to cover overallotments, if any. The offering is expected to close on or about July 16, 2014, and is subject to the company receiving all necessary regulatory approvals.
The net proceeds of the offering will be used to finance exploration and development of the company's Juanicipio project in Zacatecas state, Mexico, and for working capital and general corporate purposes. "