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Primero shareholders approve proposed takeover by First Majestic Silver

Shareholders of Primero Mining Corp. approved First Majestic Silver Corp.'s proposed acquisition of the company during a special meeting March 13, the companies said in a joint statement issued the same day.

In January, First Majestic officially tabled a bid for Primero, offering 0.03325 of a common share for each Primero share. The transaction is valued at about US$320 million, including the restructuring of a streaming deal related to Primero's San Dimas gold mine in Mexico.

During the same meeting, holders of Primero's 5.75% convertible subordinated debentures due Feb. 28, 2020, agreed to accelerate the maturity date of the unsecured debentures to the business day following the effective date of First Majestic's Primero buyout. The takeover remains subject to certain approvals but is expected to close before the end of April.