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2015

First Majestic Silver Corp.
Acquisition by Plan of Arrangement

We acted as counsel to First Majestic Silver Corp. in respect of the acquisition of SilverCrest Mines Inc., a silver mining company listed on the Toronto Stock Exchange. The transaction closed in October 2015 and was effected by way of a plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the transaction First Majestic acquired all of the issued and outstanding common shares of SilverCrest Mines in exchange for common shares of First Majestic at a ratio of 0.2769 common shares of First Majestic and $0.0001 in cash for each common share of SilverCrest Mines. Options of SilverCrest Mines were exchanged for replacement options of First Majestic.

Shareholders and optionholders of SilverCrest Mines also received equivalent securities of SilverCrest Metals Inc., a spin-out vehicle which received certain non-core assets of SilverCrest Mines at closing. First Majestic also received shares of SilverCrest Metals under the transaction and on closing held 9.9% of the outstanding shares of SilverCrest Metals.

Based on the closing price of First Majestic’s common shares on September 30, 2015, the last trading date prior to closing of the transaction, the common shares of First Majestic issued under the transaction were valued at approximately $141 million.

First Majestic is a producing silver company with six active producing mines in México. The shares of First Majestic are listed on the Toronto Stock Exchange under the symbol “FR” and on the New York Stock Exchange under the symbol “AG”.