Primero Announces Shareholders Vote in Favour of Transaction With First Majestic
TORONTO, ON--(Marketwired - March 13, 2018) - Primero Mining Corp. ("Primero" or the "Company") (TSX: P) and First Majestic Silver Corp. ("First Majestic") (TSX: FR) (NYSE: AG) are pleased to announce that Primero's shareholders have voted in favour of the arrangement transaction (the "Transaction") at a special meeting of shareholders held earlier today. In addition, holders of Primero's 5.75% convertible unsecured subordinated debentures due February 28, 2020 (the "Primero Debentures") have, at their meeting today, also voted overwhelmingly in favour of the proposed amendment of the trust indenture to accelerate the maturity date of the debentures to the next Business Day (as defined in the trust indenture) following the effective date of the Transaction. The Transaction, whereby First Majestic will, among other matters, acquire all of the outstanding common shares of Primero, was approved by more than 99% of votes cast by Primero shareholders. A copy of the complete report on voting will be made available on SEDAR. The amendment of the trust indenture to accelerate the maturity date of the Primero Debentures to the next Business Day following the effective date of the Transaction was approved by 100% of the votes cast by Primero debentureholders. The Company will now seek a final order from the Supreme Court of British Columbia to approve the Transaction. The Transaction is expected to close before the end of April 2018, subject to applicable regulatory approvals (including anti-trust clearance in Mexico) and the satisfaction of other customary conditions. Joseph F. Conway, Interim President and Chief Executive Officer of Primero added, "We are very pleased at the overwhelming support by our stakeholders for this transaction with First Majestic. It provides our shareholders an attractive immediate premium as well as retaining exposure to the high quality, long-lived San Dimas asset that they invested in, with the benefit of a significantly reduced stream. Our debentureholders will also benefit by being paid out at par plus accrued interest." "The acquisition of Primero adds one of Mexico's largest and richest precious metals mines to our portfolio and further enhances our growth profile. We are very pleased with the strong support for the transaction and expect to create significant value for shareholders as we continue to unlock its significant regional exploration potential," said Keith Neumeyer, President and Chief Executive Officer of First Majestic. http://www.stockwatch.com/News/Item.aspx?bid=Z-C:FR-2580823
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