Vizsla Silver Successfully Closes Over-Allotment Option
Vizsla Silver Successfully Closes Over-Allotment Option
NYSE: VZLA TSX-V: VZLA
Vizsla Silver Corp. ("Vizsla Silver" or the "Company") has completed a successful financing round, which has significantly strengthened its financial position. The Company announced that it has closed an over-allotment option, bringing in substantial additional capital to support its ongoing projects and future endeavors.
Details of the Offering
The financing was initiated with an offering of 25,000,000 common shares at a price of C$2.60 per share. In a remarkable response, underwriters exercised their over-allotment option fully, purchasing an additional 3,750,000 shares, which has added C$9,750,000 in gross proceeds.
Key Underwriters and Financial Support
The offering was spearheaded by Canaccord Genuity as the sole bookrunner, supported by a group of underwriters including CIBC Capital Markets, Ventum Financial Corp., and Raymond James Ltd., among others. As a token of appreciation for their efforts, Vizsla Silver rewarded the underwriters with a cash commission amounting to C$487,500.
Use of Proceeds
The net proceeds from this offering, including those from the exercise of the over-allotment option, are earmarked for advancing the exploration, drilling, and development of the highly promising Panuco Project. These funds will also support general corporate needs, as outlined in the Company’s prospectus.
Further Development of the Panuco Project
Vizsla Silver is dedicated to maximizing its resource potential at the Panuco Project, a high-grade silver-gold project located in Mexico. The Company has already conducted over 380,000 meters of drilling in this area and has discovered multiple new veins with promising grades. For the upcoming year, they have allocated a budget for drilling over 45,000 meters, aimed at expanding and upgrading the existing mineral resources.
Company Overview
Headquartered in Vancouver, BC, Vizsla Silver has firmly positioned itself in the Canadian mineral exploration market, with an unwavering focus on resource-rich projects like Panuco. With a commitment to innovation and exploration, they are dedicated to uncovering the full potential of their projects.
Continuing Commitment to Stakeholders
In light of their successful capital raise and future projects, Vizsla Silver remains dedicated to transparency and communication with its stakeholders. The upcoming developments at Panuco are expected to greatly enhance shareholder value and contribute positively to the local economy.
Frequently Asked Questions
What is the significance of the over-allotment option closing?
The successful closure of the over-allotment option is vital as it provides additional funding, thereby enhancing the Company’s financial stability for future projects.
Who were the leading underwriters for this financing?
Canaccord Genuity led the financing as the sole bookrunner, supported by other reputable financial institutions.
How will the funds from this offering be utilized?
The proceeds will be directed towards the exploration and development of the Panuco Project, in addition to supporting general corporate purposes.
What type of projects does Vizsla Silver focus on?
Vizsla Silver primarily concentrates on silver and gold exploration and development projects, with a significant focus on the Panuco project in Mexico.
Where can I find more information about Vizsla Silver Corp.?
Further details about Vizsla Silver Corp. and its operations can be accessed through their official profiles on SEDAR+ and EDGAR.
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