First Majestic Silver Corp. said Dec. 27 that it entered into a share sale agreement to raise up to US$50 million.

The company's shares will be offered through at-the-market distributions at prevailing market prices at the time of each sale.

First Majestic Silver plans to use the proceeds to develop its existing mines and for additional working capital.

First Majestic produced a record 6.7 million silver equivalent ounces in the third quarter, rising 31% year over year. However, amid continuing weakness in silver prices, the company announced a 20% cost-reduction program across all operations that it expects to be fully realized by the first quarter of 2019.