Mag Silver closes US$42.6million Common Share Offering

MAG Silver Corp.

MAG Silver Corp.

VANCOUVER (British Columbia), February 7, 2023 (GLOBE NEWSWIRE). MAG Silver Corp. (TSX / NYSE American : MAG). (“MAG” or the “Company”) announced today that it has completed its previously announced bought deal public offering and has issued 2,905,000 common shares (the “Common shares”), including 170,000 Common Shares issued upon the partial exercise of the over-allotment option, at a price of US$14.65 per Common Share for gross proceeds of US$42,558,250 (the “Offering”). MAG intends to use the net proceeds of the Offering to fund exploration on Juanicipio and MAG’s other projects including Deer Trail, certain sustaining capital requirements at the Juanicipio Project not included in the initial project capital estimates, and for working capital and general corporate purposes.

The Offering was led by BMO Capital Markets and Raymond James Ltd. as the joint bookrunners, together with a syndicate of underwriters consisting of Canaccord Genuity Corp., H.C. Wainwright & Co., LLC, National Bank Financial Inc., Roth Canada Inc., TD Securities Inc. and Scotia Capital Inc.

The Common Shares were offered by way of a short form prospectus in all provinces and territories of Canada, other than Québec, and in the United States pursuant to a prospectus filed as part of an effective registration statement on Form F-10 (File No. 333-269411) (as amended, the “Registration Statement”) under the Canada/U.S. Multi-jurisdictional Disclosure System. These documents provide important information regarding the Offering. This news release is not intended to be an offer to sell, solicitation of an offer of purchase or sale of the Common Shares.

The SEDAR short form prospectus can be accessed at The Registration Statement is available on the U.S. Securities and Exchange Commission’s (the “SEC”) website at Copies of the prospectus relating to the Offering may be obtained for free upon request in Canada by contacting BMO Nesbitt Burns Inc. (“BMO Capital Markets”), Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at [email protected], and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at [email protected].

About MAG Silver

MAG Silver Corp. is a Canadian development and exploration company. The company’s goal is to grow and become a premier primary silver mining firm by developing and advancing high-quality, district-scale precious metals projects in North America. Its main focus is the Juanicipio Project (44%), which it co-developed with Fresnillo Plc (56%), its operator. The project is located in Mexico’s Fresnillo Silver Trend, which is the world’s most important silver mining camp. There, the operator is currently developing underground mines and putting in place a 4,000-ton per day processing plant. Underground mining of mineralized development material has begun in Q3 2020. A new exploration program is underway to explore multiple highly-prospective areas at Juanicipio. MAG also executes multi-phase exploration programs at both the Deer Trail 100% earn in Project in Utah, and the recently acquired Larder Project located in Canada’s historically prolific Abitibi Region.

Contact MAG Silver Corp for more information.
Contact Michael J. CurlookVP Investor Relations and Communications

The Toronto Stock Exchange and the NYSE American have not reviewed or assumed responsibility for this press release.

Forward-Looking Statements: Cautionary Note

This news release includes certain statements that may be deemed to be “forward-looking information” within the meanings of applicable Canadian securities legislation or “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. Except for statements of historical fact, all statements made in this release are forward looking statements. These statements include statements about the expected uses of proceeds. Forward-looking statements may be identified by the use words “seek”, ‘anticipate”, ‘plan”, ‘continue”,?estimate”,?”expect”,,”will”,…”project”, “predict”, “potential”,.”targeting”, “intend”, “could”, “might”, “should”, “believe”, and other similar expressions. These statements can be affected by known and unknown uncertainties, risks, and other factors that could cause actual results to differ materially from what is anticipated. Although MAG believes these forward-looking statement are based on reasonable assumptions and may not be able to predict future performance, they do not guarantee that actual results or developments will differ materially from the statements. Some factors that could lead to actual results being different from those stated in forward-looking statements include but are not limited: direct and indirect impacts of COVID-19, the timing of obtaining required permits, changes made in applicable laws, changes of commodities prices, improvements in mineral production performance and exploitation and exploration success, as well as general economic, business, market and business conditions, political risk and currency risk. Forward-looking statements also have risks. This includes the possibility that incomplete data will cause additional work to be needed to complete further evaluations, such as drilling, engineering, socioeconomic studies, investment, and other related activities. The reader is referred to the MAG’s filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. Forward-looking statements are not guaranteed to be accurate. Investors should not rely on forward-looking statements.


CONTACT: Email: [email protected]
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