On February 15, 2007, MAG Silver Corp. announced that it had completed its previously announced brokered private placement of 2,550,000 units and non-brokered private placement of a further 210,000 units for aggregate gross proceeds of $20,010,000. Each unit is comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable for one common share at a price of $10.00 for a period of 12 months from closing.
The private placement was brokered by a syndicate of underwriters led by Raymond James Ltd. and including CIBC World Markets Inc. and Salman Partners Inc.
The net proceeds will provide additional funding for the Company's pro-rata 44% share of future exploration expenditures on the Company's Juanicipio Joint Venture with Industrias Penoles S.A. de C.V. and will allow for accelerated exploration of the Company's other Mexican projects.
Charlotte Bell of Fasken Martineau advised MAG Silver in this transaction.