2009
First Majestic Silver Corp.
Acquisition by Plan of Arrangement
We acted on behalf of First Majestic Silver Corp. in connection with its acquisition of Normabec Mining Resources Ltd., a TSXV listed issuer with mineral exploration properties in Mexico. Under the Arrangement, First Majestic acquired all of the issued and outstanding shares of Normabec and Normabec spun-off all of its non-Mexican assets to a new company, Brionor Resources Inc. Holders of Normabec shares received 0.060425 First Majestic shares and 0.25 Brionor shares for each Normabec common share held. The transaction closed on November 13, 2009. Based on the closing price of the First Majestic shares on that date the transaction was valued at approximately $16.0 million.
Concurrent with the completion of the Arrangement, First Majestic purchased, via a private placement, 2,115,195 common shares of Brionor for an aggregate purchase price of $300,000. These shares represent 9.9% of the total issued and outstanding shares of Brionor after completion of the transactions.