Form 51-102F3
Material Change Report
| Item 1. | Name and Address of Company | ||
| FIRST MAJESTIC SILVER CORP. (the “Company”) | |||
| 1805 – 925 West Georgia Street | |||
| Vancouver, BC V6C 3L2 CANADA | |||
| Telephone: | (604) 688-3033 | ||
| Facsimile: | (604) 639-8873 | ||
| Item 2. | Date of Material Change | ||
| September 18, 2009 | |||
| Item 3. | News Release | ||
| The press release was disseminated through the services of Marketwire. | |||
| Item 4. | Summary of Material Change | ||
|
The Company announced that it has settled certain current liabilities amounting to $1,919,209 by the issuance of 834,438 common shares of the Company at a deemed price of CDN$2.30 per common share. | |||
| Item 5. | Full Description of Material Change | ||
| 5.1 | Full Description of Material Change | ||
| See Schedule “A” attached hereto. | |||
| 5.2 | Disclosure for Restructuring Transactions | ||
| Not applicable. | |||
| Item 6. | Reliance on subsection 7.1(2) or (3) of National Instrument 51-102 | ||
| Not applicable | |||
| Item 7. | Omitted Information | ||
| Not applicable. | |||
| Item 8. | Executive Officer | ||
| Keith Neumeyer, President & CEO | |||
| Telephone: (604) 688-3033 Facsimile: (604) 639-8873 | |||
| Item 9. | Date of Report | ||
| September 18, 2009 | |||
| SCHEDULE “A” |
| FIRST MAJESTIC SILVER CORP. |
| Suite 1805 – 925 West Georgia Street |
| Vancouver, B.C., Canada V6C 3L2 |
| Telephone: (604) 688-3033 Fax: (604) 639-8873 |
| Toll Free: 1-866-529-2807 |
| Web site: www.firstmajestic.com; E-mail: info@firstmajestic.com |
| NEWS RELEASE |
| TSX Exchange – FR | September 18, 2009 |
| OTCQX – FRMSF | |
| Frankfurt – FMV (WKN: A0LHKJ) |
Settlement of Current Liabilities Closes
First Majestic Silver Corp. (the "Company") is pleased to announce that it has settled certain current liabilities amounting to $1,919,209 by the issuance of 834,438 common shares of the Company at a deemed price of CDN$2.30 per common share. “This completes a onetime process of converting some old payables related to a select group of drilling and development partners, and demonstrates the strength and support of our business relationships in Mexico. With this settlement and the prior one announced on August 20th, we have reduced our current liabilities by more than $2.7 million and have further strengthened the Company’s balance sheet after our recent $9.6 million private placement” commented Raymond Polman, First Majestic’s Chief Financial Officer.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
“signed”
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.