Eric Sprott, Canadian billionaire business man, invests a hefty position in First Majestic Silver Corp.
First Majestic Silver Corp. is a Canadian junior mining company operating throughout Mexico. Established in 2002, led by President & CEO Keith Neumeyer. When it comes to the mining sector, Keith is the real deal. Founding President of First Quantum Minerals Ltd., Chairman of First Mining Gold Corp., as well as being President & CEO of First Majestic Reserve, Inc., among other accolades. Averaging C$369.92 Million in Revenue over the last five years (2015-2019). First Majestic Silver has proved it self as a real player within the junior mining sector.
Sprott, research analyst for Merrill Lynch, turned fund manager, turned business mogul. Has always backed the metals. A few years back he even claimed that 90% of the assets he holds are in precious metals. So I wouldn't say we should have been very surprised to hear this news. But, the extent of the deal was what almost knocked me off my seat!
A Break Down.
5,000,000 Common Shares of First Majestic Silver Corp. (NYSE: AG, TSX: FR)
C$15.60 Per Share. (Currently Trading at C$15.36 as of 9/11/2020)
Gross Proceeds C$78,000,000.
Post Closing Sprott will hold approximately 2.3% of FMS' issued and outstanding common shares.
Just this past May, Sprott invested C$15 million dollars to hold approximately 27.1% of Discovery Metals (TSXV: DSV). As you can see, Sprott is one of the major players in mining investing. He is not shy to when it comes to being bullish on all things precious metals.
"We believe there has been a lack of appreciation for First Majestic’s equity in 2020 and we
are happy to align ourselves with Keith who recognizes the mispricing of silver in the
marketplace and has been a stalwart for silver." - Eric Sprott on his large investment in First Majestic.