First Majestic Silver Corp. Announces C$50 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2016) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Majestic Silver Corp. (TSX:FR)(NYSE:AG) ("First Majestic" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Cormark Securities Inc. and BMO Capital Markets, pursuant to which the underwriters have agreed to purchase 4,566,000 common shares ("Common Shares") at a price of $10.95 per Common Share of the Company, on a bought deal private placement basis, for aggregate gross proceeds to the Company of approximately C$50 million (the "Offering").

The Company has also granted the underwriters an option to purchase up to 15% of the number of Common Shares sold pursuant to the Offering, exercisable at any time prior to the Closing Date.

The net proceeds from the sale of the Common Shares will be used towards the mill and mine expansion at La Guitarra to 1,000 tpd, to further advance the roasting analysis and testing at La Encantada, and to allow the Company to increase the amount of development and exploration across the Company's six operating mines as well as for general corporate and working capital purposes.

The Offering is scheduled to close on or about May 12, 2016 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the New York Stock Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.