First Majestic Silver Corp. (FR.TO) and Silvermex Resources Inc. (SLX.TO,GGCRF.PK) announce that Silvermex shareholders, warrantholders and overwhelmingly voted in favour of the previously announced plan of arrangement whereby First Majestic will acquire all of the issued and outstanding common shares of Silvermex.
Following the unanimous recommendation by the Silvermex Board of Directors, the transaction was approved by over 99% of the votes cast by Securityholders at the meeting. The Final Court Order approving the Arrangement will be sought on June 28, 2012. The effective date of the arrangement is expected to be on July 3, 2012.
In April 2012, First Majestic Silver and Silvermex Resources had announce that they have entered into a definitive agreement pursuant to which First Majestic has agreed to acquire all of the issued and outstanding common shares of Silvermex for a consideration of 0.0355 common shares of First Majestic and C$0.0001 in cash per common share of Silvermex.
As per the transaction, First Majestic will issue approximately 9.6 million First Majestic common shares valuing the company at approximately C$175.4 million based on First Majestic's 30 day VWAP on April 2, 2012.
Following completion of the transaction, the current First Majestic shareholders will hold approximately 91.7% of the combined company, while current shareholders of Silvermex will hold approximately 8.3%.
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