Sierra Madre Announces Closing of Definitive Acquisition of La Guitarra

VANCOUVER, BC / ACCESSWIRE / March 30, 2023 / Sierra Madre Gold and Silver Ltd. (TSXV:SM) ("Sierra Madre" or the "Company") is pleased to announce that, pursuant to the share purchase agreement dated May 25, 2022, as amended and restated on October 28, 2022 (the "Share Purchase Agreement"), among the Company, First Majestic Silver Corp. ("First Majestic") and Corporacion First Majestic, S.A. de C.V. ("CFM"), the Company has completed its previously announced acquisition (the "Acquisition") of La Guitarra Compania Minera S.A. de C.V. ("Subco"), an indirect wholly-owned subsidiary of First Majestic incorporated under the laws of Mexico, that holds a 100% interest in the La Guitarra silver-gold property (the "La Guitarra Property"), as described in the Company's news releases dated May 25, 2022, November 1, 2022, December 28, 2022, and March 21, 2023 (collectively, the "Prior News Releases") and the Company's information circular dated November 8, 2022 (the "Circular").

The Company will continue to be classified as a Tier 2 Mining Issuer on the TSX Venture Exchange (the "TSXV"). The common shares of the Company (the "Common Shares") are expected to resume trading on the TSXV under the symbol "SM" following the closing of the Common Share Offering (defined below).

Escrow Restrictions

Under the terms of the Share Purchase Agreement, and as further described in the Circular, the Company acquired all of the issued and outstanding shares of Subco in exchange for the Company issuing to First Majestic 69,063,076 Common Shares (the "Consideration Shares") at a deemed price of $0.65 per Consideration Share.

As described in the Circular, First Majestic may distribute all Consideration Shares in excess of a 19.9% ownership position of Sierra Madre (on a non-diluted basis) pro-rata to First Majestic's shareholders (the "Excess Shares"). Following the closing of the Acquisition, First Majestic has retained a participation right to maintain its pro-rata interest in the Company (to a maximum of 19.9%) in any future share issues of the Company, subject to customary exceptions. The Consideration Shares held by First Majestic are subject to the following contractual resale restrictions, in addition to applicable securities laws resale restrictions and TSXV policies:

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