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Summary
Transcript
Well, hello there my friends, Chris Marcus here with you for Arcadia Economics and just a quick update because something we’ve been reporting on all week, so you probably saw this was coming, but just wanted to let you know that First Majestic Silver has completed their acquisition of Gato Silver and obviously we mentioned how they had the shareholder vote earlier this week and they are pleased to announce that the merger has gone through now. Everything is approved and completed and under the terms of the agreement First Majestic has acquired all of the issued and outstanding shares of Gato Silver.
Shareholders of Gato Silver will receive 2.55 First Majestic common shares and we do have a comment here from Keith Neumeier who mentions that with the closing of this transaction, First Majestic is integrating a high-quality long life and positive free cash flow operation into our portfolio of producing mines in Mexico. Cerro Los Gatos is a truly world-class district with robust production and cost profile combined with meaningful exploration potential. Over the coming quarters, we will continue to communicate our plans for Cerro Los Gatos, which will include ways to realize synergies and integration throughout the business and he would like to take this opportunity to personally welcome the Gatos shareholders into First Majestic and the transaction now that it’s complete, Gatos shares cease trading and if you are a Gatos stockholder you don’t really have to do much no specific actions required and in either case, deal is now complete and has gone through so a new chapter for First Majestic as an even larger company and again once more I’ll link to that call I did with Keith Neumeier a couple months ago where he explained his thinking behind the deal and will give you some insight into what they are planning next.
I’m sure we’ll catch up with him again soon enough but either case transaction complete and hope you’re having a great day out there enjoying another rally in the metals today and we’ll see you again tomorrow. [tr:trw].
See more of Arcadia Economics on their Public Channel and the MPN Arcadia Economics channel.
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