AYA GOLD and Silver Announces $70 Million Bought Deal Offering of Common Shares This News Release is Intended FOR Distribution IN Canada Only and is
AYA GOLD AND SILVER ANNOUNCES $70 MILLION BOUGHT
DEAL OFFERING OF COMMON SHARES
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, Quebec – January 17, 2023 – Aya Gold & Silver Inc. (TSX: AYA; OTCQX:
AYASF) (“Aya” or the “Company”) is pleased to announce that it has entered into an agreement
pursuant to which Eight Capital and Desjardins Capital Markets, as joint bookrunners
and co-l ead underwriters, together with a syndicate of underwriters (collectively, the
“Underwriters”), have agreed to purchase, on a bought deal basis, 8,485,000 common
shares in th e capital of the Company (the “Shares”), at a price of $8.25 per Share (th e
“Issue Price”) for gross proceeds of
$70,001,250 (the “Offering”).
The Company has agreed to grant the Underwriters an over -allotment option to purchase up to an
additional 15% of the Shares at the Issue Price, exercisable in whole or in part, at any time on or
prior to the date that is 30 days following the closing of the Offering. If this option is exercised in
full, approximately $10,500,000 additional proceeds will be raised pursuant to the Offering and the
aggregate proceeds of the Offering will be approximately $80,500,000.
The Company intends to use the net proceeds of the Offering to advance its business objectives
including for the advancement of its exploration program namely at Boumadine and Zgounder, the
funding of the Zgounder expansion project , and for working capital and general corporate
purposes.
The closing date of the Offering is scheduled to be on or about January 25, 2023, and is subject to
certain conditions including, but not limited to, the receipt of all necessary approvals, including the
approval of the Toronto Stock Exchange.
The Offering will be completed by way of a prospectus supplement (the “ Supplement”) to the
short form base shelf prospectus of the Company dated January 12, 2023 (the “ Base Prospectus”),
which Supplement is expected to be filed on or prior to January 19, 2023 with the securities
commissions and other similar regulatory authorities in each of the provinces of Canada and in
such other jurisdictions as are agreed to by the Company and the Underwriters, in each case
provided that no prospectus, registration statement or other similar document is required to be filed
in such jurisdiction and that the Company will not be or become subject to any continuous
disclosure obligations in such jurisdiction. The Base Prospectus and, once filed, 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 U nited 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.
AYA GOLD & SILVER INC.
Per: “Benoit La Salle”
Benoit La Salle, FCPA FCA
President and Chief Executive Officer
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 maximising shareholder value by
anchoring sustainability at the heart of its operations, governance, and financial growth plans.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA FCA
President & CEO
Alex Ball
VP, Corporate Development & IR
Notice Regarding Forward Looking Information
Certain information in this news release related to the Company is forward -looking information
and is prospective in nature. Forward-looking information is not based on historical facts, but rather
on current expectations and projections about future events, and is therefore subject to risks and
uncertainties which could cause actual results to differ materially from the future results expressed
or implied by the forward- looking information. The information generally can be identified by the
use of forward -looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”,
“anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations.
Forward-looking information in this news release include information regarding the intended use of
proceeds of the Offering. There are numerous risks and uncertainties that could cause actual results
and Aya’s plans and objectives to differ materially from those expressed in the forward-looking
information, including: (i) adverse market conditions; (ii) risks inherent in the mineral production
and exploration sectors in general; (iii) that the proceeds of the Offering may need to be used other
than as set out in this news release and other factors beyond the control of the Company. Actual
results and future events could differ materially from those anticipated in such information. These
and all subsequent written and oral forward- looking information are based on estimates and
opinions of management on the dates they are made and are expressly qualified in their entirety by
this notice. Except as required by law, the Company does not intend to update this forward-looking
information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in
policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this
release. Although the Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in the forward‐looking information, there may be
other factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such forward‐looking information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such forward‐looking information.
Such forward‐looking information has been provided for the purpose of assisting investors in
understanding the Company's business, operations and exploration plans and may not be
appropriate for other purposes. Accordingly, readers should not place undue reliance on
forward‐looking information. Forward‐looking information is given as of the date of this press
release, and the Company does not undertake to update such forward‐looking information except in
accordance with applicable securities laws.