/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION
IN CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
MONTREAL, Jan. 25,
2023 /CNW/ - Aya
Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF)
("Aya" or the "Corporation") is pleased to announce it has closed
its previously announced upsized offering of 11,151,550 common
shares in the capital of the Corporation (the "Shares"), at a price
of $8.25 per Share for gross proceeds
of approximately $92,000,000 (the
"Offering") including the full exercise of the over-allotment
option in the amount of approximately $12,000,000.
Eight Capital and Desjardins Capital Markets acted as joint
bookrunners and co-lead underwriters, with a syndicate of
underwriters comprised of BMO Nesbitt Burns Inc., National Bank
Financial Inc, Raymond James,
Cormark Securities Inc., Sprott Capital Partners L.P. and Stifel
Nicolaus Canada Inc. (collectively, the "Underwriters").
Aya intends to use the net proceeds of the Offering to advance
its business objectives including for the funding of the Zgounder
expansion project, the advancement of its exploration program
namely at Boumadine and Zgounder, and for working capital and
general corporate purposes.
The Offering was completed by way of a prospectus supplement
(the " Supplement ") to the short form base shelf prospectus of the
Corporation dated January 12, 2023
(the "Base Prospectus"), which Supplement was filed on January 19, 2023. The Base Prospectus and the
Supplement can be found on SEDAR at www.sedar.com and contain
important detailed information about the Offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in the United States or
in any other jurisdiction in which such offer, solicitation or sale
would be unlawful. The securities being offered have not been, nor
will they be, registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
United States Securities Act of 1933, as amended, and applicable
state securities laws.
About Aya Gold & Silver
Inc.
Aya Gold & Silver
Inc. is a rapidly growing, Canada-based silver producer with operations
in the Kingdom of Morocco.
The only TSX-listed pure silver mining company, Aya operates the
high-grade Zgounder Silver Mine and is exploring its properties
along the prospective South-Atlas Fault, several of which have
hosted past-producing mines and historical resources. Aya's
Moroccan mining assets are complemented by its Tijirit Gold Project
in Mauritania, which is being
advanced to feasibility.
Aya's management team has been focused on maximizing shareholder
value by anchoring sustainability at the heart of its operations,
governance, and financial growth plans.
Forward-Looking Statements
This press release contains
certain statements that constitute forward-looking information
within the meaning of applicable securities laws ("forward-looking
statements"), which reflects management's expectations regarding
Aya's future growth and business prospects (including the timing
and development of new deposits and the success of exploration
activities) and other opportunities. Wherever possible, words such
as "plans", "expects", "objective", "significant", "deliver",
"plan", "scheduled", "believe", "intend", "ability to" and similar
expressions or statements that certain actions, events or results
"may", "could", "would", "might", "will", or are "likely" to be
taken, occur or be achieved, have been used to identify such
forward-looking information. Specific forward-looking statements in
this press release include, but are not limited to, statements and
information with respect to the exploration and development
potential of Zgounder and the conversion of Inferred Mineral
Resources into Measured and Indicated Mineral Resources, future
opportunities for enhancing development at Zgounder, and timing for
the release of the Corporation's disclosure in connection with the
foregoing. Although the forward-looking information contained in
this press release reflect management's current beliefs based upon
information currently available to management and based upon what
management believes to be reasonable assumptions, Aya cannot be
certain that actual results will be consistent with such
forward-looking information. Such forward-looking statements are
based upon assumptions, opinions and analysis made by management in
light of its experience, current conditions, and its expectations
of future developments that management believe to be reasonable and
relevant but that may prove to be incorrect. These assumptions
include, among other things, the closing and timing of financing,
the ability to obtain any requisite governmental approvals, the
presence of artisanal miners, obtaining regulatory permits for on
site work, importing goods and machinery and employment permits,
the accuracy of Mineral Reserve and Mineral Resource Estimates
(including, but not limited to, ore tonnage and ore grade
estimates), the price of silver, the price of gold, exchange rates,
fuel and energy costs, future economic conditions, anticipated
future estimates of free cash flow, and courses of action. Aya
cautions you not to place undue reliance upon any such
forward-looking statements.
The risks and uncertainties that may affect forward-looking
statements include, among others: the inherent risks involved in
exploration and development of mineral properties, including
government approvals and permitting, changes in economic
conditions, changes in the worldwide price of silver gold and other
key inputs, changes in mine plans (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics) and other factors, such as project execution
delays, many of which are beyond the control of Aya, as well as
other risks and uncertainties which are more fully described in
Aya's 2021 Annual Information Form dated June 16, 2022, and in other filings of Aya with
securities and regulatory authorities which are available on SEDAR
at www.sedar.com. Aya does not undertake any obligation to update
forward-looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change.
Nothing in this document should be construed as either an offer to
sell or a solicitation to buy or sell Aya securities. All
references to Aya include its subsidiaries unless the context
requires otherwise.
SOURCE Aya Gold & Silver
Inc