/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, Nov. 15,
2022 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla Silver" or the "Company") is pleased to
announce that it has completed its previously announced bought deal
prospectus offering of 23,805,000 units of the Company (the
"Units") at a price of C$1.45
per Unit for aggregate gross proceeds of C$34,517,250, which includes the exercise in full
of the Underwriters' (as defined below) over-allotment option for
3,105,000 Units (the "Public Offering").
Each Unit consists of one common share of the Company and
one-half of one common share purchase warrant (each whole common
share purchase warrant, a "Warrant"). Each Warrant entitles
the holder to acquire one common share of the Company until
November 15, 2024 at a price of
C$2.00.
The Public Offering was conducted by PI Financial Corp. and
Canaccord Genuity Corp., as co-lead underwriters and joint
bookrunners, and Raymond James Ltd., H.C. Wainwright & Co.,
LLC, Roth Canada Inc. and Stifel Nicolaus Canada Inc.
(collectively, the "Underwriters"). In consideration for the
services provided by the Underwriters in connection with the Public
Offering, on closing the Company paid to the Underwriter a cash
commission equal to 6% of the gross proceeds raised under the
Public Offering. As further consideration for the services provided
by the Underwriters in connection with the Public Offering, on
closing the Company issued broker warrants to the Underwriters,
exercisable at any time on or before November 15, 2024, to acquire that number of
common shares of the Company which is equal to 6% of the number of
Units sold under the Public Offering at an exercise price of
C$1.45.
The Public Offering was completed pursuant to a prospectus
supplement dated November 9, 2022 to
the short form base shelf prospectus of the Company dated
December 1, 2020 in each of the
provinces of Canada (except
Quebec), in the United States on a private placement basis
pursuant to an exemption from the registration requirements of the
U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act") and applicable state securities laws and other
jurisdictions outside of Canada
and the United States on an exempt
basis. The Public Offering remains subject to the final approval of
the TSX Venture Exchange (the "TSX-V").
The net proceeds of the Public Offering will be used to advance
the exploration and development of the Panuco Project (as defined
below), including the delivery of an updated mineral resource
estimate in the fourth quarter of 2022, as well as for working
capital and general corporate purposes as set out in the prospectus
supplement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities offered have
not been, nor will they be, registered under the U.S. Securities
Act or under any U.S. state securities laws, and may not be offered
or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
state securities laws.
About the Panuco Project
The newly consolidated Panuco
silver-gold project (the "Panuco Project") is an emerging
high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlán.
The 6,761-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.
The Panuco Project hosts an estimated in-situ indicated mineral
resource of 61.1 Moz AgEq and an in-situ inferred mineral resource
of 45.6 Moz AgEq. A NI 43-101 technical report, titled "National
Instrument 43-101 Technical Report for the Panuco Project Mineral
Resource Estimate Concordia, Sinaloa,
Mexico" which was filed on SEDAR on April 7, 2022, with an effective date of
March 1, 2022 and was prepared by
Tim Maunula, P.Geo., Principal
Geologist, T. Maunula & Associates Consulting Inc. and
Kevin Murray, P.Eng, Manager Process
Engineering, Ausenco.
In accordance with NI 43-101, Martin
Dupuis, P.Geo., Chief Operating Officer, is the Qualified
Person for the Company and has reviewed and approved the technical
and scientific content of this news release.
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
Project located in Sinaloa,
Mexico.
To date, Vizsla Silver has completed over 210,000 metres of
drilling at the Panuco Project leading to the discovery of several
new high-grade veins. For 2022, Vizsla Silver has budgeted over
120,000 metres of resource/discovery-based drilling, designed to
upgrade, and expand the maiden mineral resource estimate as well as
test other high priority targets across the district.
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
This news release includes certain "Forward‐Looking Statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward‐looking information"
under applicable Canadian securities laws. When used in this news
release, the words "anticipate", "believe", "estimate", "expect",
"target", "plan", "forecast", "may", "would", "could", "schedule"
and similar words or expressions, identify forward‐looking
statements or information. These forward‐looking statements or
information relate to, among other things: the intended use of the
net proceeds of the Public Offering, receipt of final TSX-V
approval; future drilling and exploration activities at the Panuco
Project; and publication of a mineral resource estimate update in
the fourth quarter of 2022.
Forward‐looking statements and forward‐looking information
relating to any future mineral production, liquidity, enhanced
value and capital markets profile of Vizsla Silver, future growth
potential for Vizsla Silver 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; costs of exploration and development; the
estimated costs of development of exploration projects; Vizsla
Silver's ability to operate in a safe and effective manner and its
ability to obtain financing on reasonable terms.
These statements reflect Vizsla Silver's 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 Vizsla Silver 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 COVID-19; the economic and financial implications of COVID-19 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; and the
factors identified under the caption "Risk Factors" in Vizsla
Silver's management discussion and analysis. Readers are cautioned
against attributing undue certainty to forward‐looking statements
or forward-looking information. Although Vizsla Silver has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be anticipated, estimated or intended. Vizsla Silver
does not intend, and does not assume any obligation, to update
these forward‐looking statements or forward-looking information to
reflect changes in assumptions or changes in circumstances or any
other events affecting such statements or information, other than
as required by applicable law.
SOURCE Vizsla Silver Corp.