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 underwriter, on its own behalf and on behalf of
a syndicate of underwriters (the “
Underwriters”),
pursuant to which the Underwriters have agreed to purchase, on a
“bought deal” basis, 20,000,000 common shares (the
“
Shares”) of the Company at a price of $1.50 per
Share for aggregate gross proceeds of $30,000,000 (the
“
Offering”), excluding additional proceeds raised
from the exercise of the Over-Allotment Option (defined below).
The Company has agreed to grant the Underwriters
an option to cover over-allotments (the “Over-Allotment
Option”), which will allow the Underwriters to purchase up
to an additional 15% of the Shares sold pursuant to the Offering,
on the same terms as the Offering. The Over-Allotment Option may be
exercised in whole or in part at any time, for a period of 30 days
after the Closing Date (as defined herein).
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 Shares will be offered in each of
the provinces and territories of Canada (other than the Province of
Quebec) by way of a prospectus supplement to the Company’s base
shelf prospectus dated March 31, 2023, which will be filed with the
securities regulators in each of the provinces and territories of
Canada, and may also be offered by way of private placement in the
United States and such other jurisdictions as agreed between the
parties.
The closing of the Offering is anticipated to
occur on or about February 29, 2024 (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.
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.
This news 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 7,189.5 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.
On January 8, 2024, the Company announced an
updated mineral resource estimate for Panuco which includes an
estimated in-situ indicated mineral resource of 155.8 Moz AgEq and
an in-situ inferred resource of 169.6 Moz AgEq. The indicated
mineral resource is estimated at 9.5 million tonnes (“Mt”) grading
289 grams per tonne (“g/t”) silver, 2.41 g/t gold, 0.27% lead, and
0.84% zinc (511 g/t silver equivalent). The mineral resource
estimate includes indicated mineral resources of 88.2 million
ounces (“Moz”) of silver, 736 thousand ounces (“koz”) of gold, 25.4
kilotonnes (“kt”) of lead, and 79.9 kt of zinc (155.8 Moz AgEq).
The inferred mineral resource is estimated at 12.2 Mt grading 239
g/t silver, 1.93 g/t gold, 0.29% lead, and 1.03% zinc (433 g/t
AgEq). The mineral resource estimate includes inferred mineral
resources of 93.7 Moz of silver, 758 koz of gold, 35.4 kt of lead,
and 125.3 kt of zinc (169.6 Moz AgEq). Silver equivalent is
calculated using the following formula: AgEq = Ag ppm + (((Au ppm x
Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag
price/gram). Metal price assumptions are $24.00/oz silver,
$1,800/oz gold, $2,425/t lead and $2,976/t zinc.
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 350,000 metres of drilling at Panuco leading to the discovery
of several new high-grade veins. For 2024, Vizsla Silver is focused
on de-risking the resource base located in the western portion of
the district ahead of a development decision. Additionally, Vizsla
Silver has budgeted +65,000 metres of resource/discovery-based
drilling designed to upgrade and expand the Project’s mineral
resource, as well as test other high priority targets across the
district.
In accordance with NI 43-101, Jesus Velador,
Ph.D. MMSA QP, Vice President of Exploration, is the Qualified
Person for the Company and has validated and approved the technical
and scientific content of this news release.
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
The information contained herein contains
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of applicable
Canadian securities legislation. “Forward-looking information”
includes, but is not limited to, statements with respect to the
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including, without
limitation, planned exploration activities. Generally, but not
always, forward-looking information and statements can be
identified by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, or “believes” or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved” or the negative
connotation thereof. Forward-looking statements in this news
release include, among others, statements relating to: the filing
of a prospectus supplement for the Offering, the timing, structure,
activities and completion of the Offering; the use of proceeds from
the Offering, the Over-Allotment Option; and exploration and
development at Panuco.
Forward-looking statements and forward-looking
information relating to any future mineral production, liquidity,
enhanced value and capital markets profile of the Company, future
growth potential for the Company 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 public
health crises; costs of exploration and development; the estimated
costs of development of exploration projects; the Company’s ability
to operate in a safe and effective manner and its ability to obtain
financing on reasonable terms.
These statements reflect the Company’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 the Company 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 public health crises; the economic and financial implications of
public health crises 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; ongoing military conflicts around the world;
general economic factors; and the factors identified under the
caption “Risk Factors” in the Company’s management discussion and
analysis and other public disclosure documents.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in the forward-looking information
or implied by forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information and statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or information.
The Company undertakes no obligation to update or reissue
forward-looking information as a result of new information or
events except as required by applicable securities laws.
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