January 12, 2018 / 1:31 PM / 6 months ago

BUZZ-Miner First Majestic Silver to buy smaller rival Primero

** Canadian metal miner First Majestic Silver Corp on Friday said it would buy smaller rival Primero Mining Corp for an equity value of C$48.2 mln

** FR to offer Primero C$0.29/shr, at a premium that is more than double its last close on Thursday

** FR to enter a separate agreement with Wheaton Precious Metals International Ltd (WPM), currently in a silver streaming agreement with Primero; WPM-Primero to terminate their agreement after deal closes

** Under the new agreement with First Majestic, WPM to receive 20.9 mln FR shares, 25 pct of gold and 25 pct of gold equivalent production

** At deal close, WPM to own 11 pct and current Primero shareholders to own 3 pct of First Majestic (Reporting by Ahmed Farhatha in Bengaluru)

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