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 sole
bookrunner and lead agent (the "
Lead Agent"), on
behalf of a syndicate of agents (together with the Lead Agent, the
"
Agents") in connection with a commercially
reasonable efforts private placement of 20,610,000 common shares
(the “
Shares”) of the Company at a price of $1.65
per Share (the "
Offering Price") for aggregate
gross proceeds of $34,006,500 (the "
Offering"),
excluding any additional proceeds raised from the exercise of the
Agents’ Option (defined below).
The Company will grant the Agents an option (the
“Agents’ Option”), which will allow the Agents to
offer up to an additional 15% of the Offering, on the same terms as
the Shares. The Agents’ Option may be exercised in whole or in part
at any time prior to the Closing Date of the Offering.
The net proceeds from the Offering will be used
to advance the exploration, drilling and development of the
Company’s Panuco Project, as well as for working capital and
general corporate purposes.
The closing of the Offering is anticipated to
occur on or around February 9, 2023 (the “Closing
Date”) and is subject to certain conditions including, but
not limited to, the receipt of all necessary regulatory approvals,
including the acceptance of the TSX Venture Exchange. All
securities issued under the Offering will be subject to a statutory
hold period in Canada expiring four months and one day from the
Closing Date.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
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 to
siliceous volcanism and crustal extension in the Oligocene and
Miocene. Host rocks are mainly continental volcanic rocks
correlated to the Tarahumara Formation.
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 250,000 metres of drilling at Panuco leading to the discovery
of several new high-grade veins. For 2023, Vizsla Silver has
budgeted 90,000 metres of resource/discovery-based drilling,
designed to upgrade, and expand the mineral resource as well as
test other high priority targets across the district.
Contact Information: For more
information and to sign-up to the mailing list, please contact:
Michael Konnert, President and Chief Executive
Officer
Tel: (604) 364-2215 Email: info@vizslasilver.ca
Website: 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 expected closing date for the Offering and the
intended net proceeds of the Offering.
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; no escalation in the severity of the
COVID-19 pandemic; 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
respective 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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