First Majestic to buy distressed Primero, reforms San Dimas silver stream accord

The dismantling of former precious metals producer Primero Mining is nearly complete with the company announcing on Friday that Mexico-focused miner First Majestic Silver will buy the distressed company for $320-million. Under terms of an arrangement agreement between the two companies, all of Primero’s issued and outstanding common shares will be exchanged for First Majestic common shares at a ratio of 0.03325 of a First Majestic common share for each Primero common share.