| Supreme Court of Canada Dismisses Appeal Application by Hector Davila Santos | |
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VANCOUVER, Dec. 1, 2014 /PRNewswire/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce that the Supreme Court of Canada has dismissed the leave to appeal application by Hector Davila Santos ("Davila Santos") and Minerales y Minas Mexicanas, S.A. de C.V. ("MMM") against the Company. As previously announced, on April 24, 2013 the Supreme Court of British Columbia awarded judgment of CDN$96.3 million (USD $85.0 million) in favour of First Majestic in the litigation against Davila Santos and MMM. The subsequent appeal of this judgment by Davila Santos and MMM was dismissed on June 5, 2014 by the British Columbia Court of Appeal for failure by Davila Santos and MMM to comply with a court order. On June 27, 2014, Davila Santos and MMM filed an application for leave to appeal to the Supreme Court of Canada. On November 27, 2014, the Supreme Court of Canada dismissed their application. Other than the funds of CDN$14.9 million previously obtained by the Company, the Company has not received any payment of the trial judgment, leaving the amount of approximately CDN$81.0 million (USD$71.5 million) unpaid. The Company cautions that it may have to take additional legal actions to try to recover this amount. The outcome of any such proceedings is not presently determinable. Dollar amounts referred to in judgments are stated in Canadian dollars and the U.S. dollar equivalents are based on the current exchange rate and subject to change due to currency exchange rate fluctuations, including changes to U.S. dollar equivalents previously reported. |
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First Majestic Silver Corp.
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PRODUCER |
CODE : FR.TO |
ISIN : CA32076R1029 |
CUSIP : 32076R1029 |
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First Majestic is a silver producing company based in Canada. First Majestic produces silver, gold, lead and zinc in Mexico, and holds various exploration projects in Canada and in Mexico. Its main assets in production are LA PARRILLA SILVER MINE, LA ENCANTADA (FIRST MAJESTIC SILVER), SAN MARTIN and LA ENCANTADA SILVER MINE in Mexico and its main exploration properties are REAL DE CATORCE, DEL TORO and CUITABOCA in Mexico and PITT ISLAND, PINCOURT, DOMPIERRE and DESJARDINS in Canada. First Majestic is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.6 billions as of today (US$ 1.1 billions, € 1.1 billions). Its stock quote reached its lowest recent point on November 02, 2001 at CA$ 0.01, and its highest recent level on December 22, 2017 at CA$ 9.99. First Majestic has 164 340 000 shares outstanding. |