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Vizsla Silver Corp. (TSXV: VZLA) has raised C$60 million for continued exploration and development of its Panuco silver-gold project in Sinaloa state, Mexico. The region produced its first silver in the 1500s, and local mines have been active for the last several decades.
The bought deal offering was taken up by a syndicate of underwriters led by Canaccord Genuity. The offering consisted of 24 million units at C$2.50 each. One unit consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase a common share at a price of C$3.25 for 18 months after closing. The underwriters have also been given an option to purchase an additional 15% of units within the next 30 days.
Net proceeds of the offering will also be used to make option payments and pursue strategic opportunities, as well as for working capital and general corporate purposes, said Vizsla.
The company has an option to acquire 100% of the recently consolidated 9,386.5-hectare Panuco property, including a 500-tonnes/day mill, 35 km of underground development, tailings facilities, roads, power and permits. The property is believed to exhibit similarities to the San Dimas gold-silver mine owned by First Majestic Silver (TSX: FR; NYSE: AG).
(This article first appeared in the Canadian Mining Journal)
