First Majestic to Receive Sierra Madre Shares for Del Toro Mine Sale with Four-Month Hold
Sierra Madre shareholders approved acquisition of the Del Toro Silver Mine from First Majestic, entitling First Majestic to receive Sierra Madre shares. Issued shares will be held for four months plus one day and face additional resale restrictions, with closing expected mid-May pending TSXV and Mexican antitrust approvals.
1. Shareholder Approval
Sierra Madre’s disinterested shareholders voted in favor of acquiring the Del Toro Silver Mine from First Majestic on April 28, meeting the requirements of Multilateral Instrument 61-101 for special transactions.
2. Share Issuance and Restrictions
As consideration, First Majestic will receive an agreed number of Sierra Madre shares, all subject to a hold period ending four months and one day after issuance, plus further contractual resale restrictions.
3. Closing Conditions
Completion of the acquisition remains subject to acceptance by the TSX Venture Exchange and receipt of Mexican antitrust approval, with the transaction anticipated to close in mid-May 2026.
4. Strategic Implications
The share-based sale reduces First Majestic’s direct exposure to Del Toro, while providing an equity stake in Sierra Madre’s Guitarra and Del Toro development upside potential.