Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Vizsla Silver (TSXV: VZLA) (NYSE: VZLA) announced Wednesday an agreement with PI Financial Corp. to act as the sole bookrunner and lead underwriter for a bought deal financing consisting of 20 million shares of the company priced at C$1.50 each for gross proceeds of C$30 million ($22.2m).
The underwriters, led by PI Financial will also be granted a 15% overallotment option, exercisable in whole or in part for 30 days.
Vizsla Silver’s shares fell by 12.5% to C$1.47 apiece as of 2:15 p.m. ET, for a market capitalization of C$307.6 million ($227.9m). The stock traded between C$1.26 and C$2.25 over the past 52 weeks.
Net proceeds of the financing, says Vizsla, will go towards the exploration, drilling and development of its flagship Panuco silver-gold project in southern Sinaloa, Mexico. The project is located within a 72-sq.-km. district hosting past producing mines that has seen limited exploration on a consolidated basis.
To date, the company has completed over 350,000 metres of drilling at Panuco, leading to the discovery of several new high-grade veins.
Earlier this year, it released an updated mineral resource estimate that includes an in-situ indicated mineral resource of 155.8 million oz. of silver equivalent (AgEq) and an in-situ inferred resource of 169.6 million oz. AgEq.
The indicated mineral resource is estimated at 9.5 million tonnes grading 289 g/t silver, 2.41 g/t gold, 0.27% lead and 0.84% zinc (or 511 g/t AgEq), while the inferred resource is calculated at 12.2 million tonnes grading 239 g/t silver, 1.93 g/t gold, 0.29% lead and 1.03% zinc (433 g/t AgEq).
For 2024, Vizsla said it is focused on de-risking the resource base located in the western portion of the district ahead of a development decision. It has budgeted over 65,000 metres of drilling designed to upgrade and expand the mineral resource, as well as test other high-priority targets across the district.
