Vizsla Silver (TSXV: VZLA) this morning announced that it will be conducting a bought deal financing. Lead by Canaccord Genuity, the financing will see the company raise gross proceeds of $60.0 million.
Under the terms of the financing, a total of 24.0 million units are to be sold at a price of $2.50 per unit. Each unit is to contain one common share and one half of a common share purchase warrant, with each warrant being valid for a period of 18 months with an exercise price of $3.25 per share. The offering also contains a 15% over-allotment option.
Net proceeds from the offering are to be used for exploration and development of Vizsla’s flagship Panuco project, as well to cover option payments and pursue strategic opportunities, as well as working capital and general corporate purposes.
The offering is slated to close June 3, 2021.
Vizsla Silver last traded at $2.70 on the TSX Venture.
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