Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3)
(“
Vizsla Silver” or the
“
Company”) is pleased to announce that it has
entered into an agreement with PI Financial Corp. as co-lead
underwriter and joint bookrunner on its own behalf and on behalf of
a syndicate of underwriters (the “
Underwriters”)
including Canaccord Genuity Corp. as co-lead underwriter and joint
bookrunner, pursuant to which the Underwriters have agreed to
purchase, on a “bought deal” basis, 13,800,000 units of the Company
(the “
Units”), at a price of $1.45 per Unit (the
“
Offering Price”) for gross proceeds of
$20,010,000 (the “
Offering”).
Each Unit shall consist of one common share in
the capital of the Company (a “Common Share”) and
one-half of one common share purchase warrant (each whole common
share purchase warrant, a “Warrant”). Each Warrant
shall be exercisable into one common share of the Company (a
“Warrant Share”) for a period of 24 months from
closing at an exercise price of $2.00 per Warrant Share.
The Company has granted the Underwriters an
option, exercisable at the Offering Price for a period of 30 days
following the Closing Date (as defined herein), to purchase up to
an additional 15% of the number of Units sold under the Offering to
cover over-allotments, if any and for market stabilization
purposes. The Offering is expected to close on or about November
15, 2022 (the "Closing Date") and is subject to
the Company receiving all necessary regulatory approvals.
The net proceeds of the Offering will be used to
advance the exploration and development of Panuco, including the
delivery of a resource update in the fourth quarter of 2022, as
well as for working capital and general corporate purposes.
The Units will be offered by way of a prospectus
supplement in each of the Provinces of Canada (other than the
Province of Quebec) and may also be offered by way of private
placement in the United States and such other jurisdictions as
agreed between the parties.
The securities to be offered pursuant to the
Offering have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any U.S. state securities laws, and may not be
offered or sold in the United States or to, or for the account or
benefit of, United States persons absent registration or any
applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About the Panuco Project
The newly consolidated Panuco silver-gold
project is an emerging high-grade discovery located in southern
Sinaloa, Mexico, near the city of Mazatlán. The 6,761-hectare, past
producing district benefits from over 86 kilometres of total vein
extent, 35 kilometres of underground mines, roads, power, and
permits.
The district contains intermediate to low
sulfidation epithermal silver and gold deposits related tosiliceous
volcanism and crustal extension in the Oligocene and Miocene. Host
rocks are mainly continental volcanic rocks correlated to the
Tarahumara Formation.
Panuco hosts an estimated in-situ indicated
mineral resource of 61.1 Moz AgEq and an in-situ inferred resource
of 45.6 Moz AgEq. A NI 43-101 technical report, titled “National
Instrument 43-101 Technical Report for the Panuco Project Mineral
Resource Estimate Concordia, Sinaloa, Mexico” was filed on SEDAR on
April 7, 2022, with an effective date of March 1, 2022 was prepared
by Tim Maunula, P.Geo., Principal Geologist, T. Maunula &
Associates Consulting Inc. and Kevin Murray, P.Eng, Manager Process
Engineering, Ausenco.
About Vizsla Silver
Vizsla Silver is a Canadian mineral exploration
and development company headquartered in Vancouver, BC, focused on
advancing its flagship, 100%-owned Panuco silver-gold project
located in Sinaloa, Mexico.
To date, Vizsla Silver has completed over
210,000 metres of drilling at Panuco leading to the discovery of
several new high-grade veins. For 2022, Vizsla Silver has budgeted
over 120,000 metres of resource/discovery-based drilling, designed
to upgrade, and expand the maiden resource as well as test other
high priority targets across the district.
For more information and to sign-up to the
mailing list, please contact:
Michael Konnert, President and Chief Executive OfficerTel: (604)
364-2215Email: info@vizslasilver.caWebsite:
www.vizslasilvercorp.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SPECIAL NOTE REGARDING FORWARD LOOKING
STATEMENTS
This news release includes certain
“Forward‐Looking Statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
“forward‐looking information” under applicable Canadian securities
laws. When used in this news release, the words “anticipate”,
“believe”, “estimate”, “expect”, “target”, “plan”, “forecast”,
“may”, “would”, “could”, “schedule” and similar words or
expressions, identify forward‐looking statements or information.
These forward‐looking statements or information relate to, among
other things: the intended use of proceeds from the Offering, the
expected closing date of the Offering, and publication of a
resource update in the fourth quarter of 2022.
Forward‐looking statements and forward‐looking
information relating to any future mineral production, liquidity,
enhanced value and capital markets profile of Vizsla Silver, future
growth potential for Vizsla Silver and its business, and future
exploration plans are based on management’s reasonable assumptions,
estimates, expectations, analyses and opinions, which are based on
management’s experience and perception of trends, current
conditions and expected developments, and other factors that
management believes are relevant and reasonable in the
circumstances, but which may prove to be incorrect. Assumptions
have been made regarding, among other things, the price of silver,
gold and other metals; costs of exploration and development; the
estimated costs of development of exploration projects; Vizsla
Silver’s ability to operate in a safe and effective manner and its
ability to obtain financing on reasonable terms.
These statements reflect Vizsla Silver’s current
views with respect to future events and are necessarily based upon
a number of other assumptions and estimates that, while considered
reasonable by management, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward‐looking statements or
forward-looking information and Vizsla Silver has made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: the Company’s dependence on
one mineral project; precious metals price volatility; risks
associated with the conduct of the Company’s mining activities in
Mexico; regulatory, consent or permitting delays; risks relating to
reliance on the Company’s management team and outside contractors;
risks regarding mineral resources and reserves; the Company’s
inability to obtain insurance to cover all risks, on a commercially
reasonable basis or at all; currency fluctuations; risks regarding
the failure to generate sufficient cash flow from operations; risks
relating to project financing and equity issuances; risks and
unknowns inherent in all mining projects, including the inaccuracy
of reserves and resources, metallurgical recoveries and capital and
operating costs of such projects; contests over title to
properties, particularly title to undeveloped properties; laws and
regulations governing the environment, health and safety; the
ability of the communities in which the Company operates to manage
and cope with the implications of COVID-19; the economic and
financial implications of COVID-19 to the Company; operating or
technical difficulties in connection with mining or development
activities; employee relations, labour unrest or unavailability;
the Company’s interactions with surrounding communities and
artisanal miners; the Company’s ability to successfully integrate
acquired assets; the speculative nature of exploration and
development, including the risks of diminishing quantities or
grades of reserves; stock market volatility; conflicts of interest
among certain directors and officers; lack of liquidity for
shareholders of the Company; litigation risk; and the factors
identified under the caption “Risk Factors” in Vizsla Silver’s
management discussion and analysis. Readers are cautioned against
attributing undue certainty to forward‐looking statements or
forward-looking information. Although Vizsla Silver has attempted
to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be anticipated, estimated or intended. Vizsla Silver does
not intend, and does not assume any obligation, to update these
forward‐looking statements or forward-looking information to
reflect changes in assumptions or changes in circumstances or any
other events affecting such statements or information, other than
as required by applicable law.
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