First Majestic Silver Corp. said Feb. 15 that it issued an additional US$6.5 million of 1.875% unsecured convertible senior notes due 2023, following the partial exercise of the overallotment option on its recent US$150 million notes offering.

The overallotment notes carry the same terms as the original notes, with an initial conversion rate of 104.3297 shares for every US$1,000 principal amount of notes, representing an initial conversion price of approximately US$9.59 per share.

First Majestic will use the proceeds for costs related to its proposed acquisition of Primero Mining Corp. and for general working capital.