Faruqi & Faruqi Case: SilverCrest Mines Inc.
Faruqi & Faruqi, LLP Announces the Investigation of SilverCrest Mines Inc. (SVLC) Over the Proposed Sale of the Company to First Majestic Silver Corp.
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of SilverCrest Mines Inc. (“SilverCrest” or the “Company”) (NYSE MKT:SVLC) for potential breaches of fiduciary duties in connection with the sale of the Company to First Majestic Silver Corp. for approximately $117.25 million in a cash and stock transaction .
The Company’s stockholders will only receive 0.2769 common shares of First Majestic plus C$0.0001 in cash for each Company common share held, approximately $0.92. However, the offer represents a negative premium compared to the opening price of $0.93 on August 11, 2015 and is well below low analyst price targets of $1.44.