Aya Gold & Silver Closes Upsized Bought Deal Offering with Full Exercise of Over-Allotment Option for Gross Proceeds of $92 Million
PRESS RELEASE
Aya Gold & Silver Closes Upsized Bought Deal Offering with Full Exercise
of Over-Allotment Option for Gross Proceeds of $92 Million
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 25, 2023 - 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 Part ners 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 n ot 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.
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
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. S pecific 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 ref lect 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 ene rgy 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 ris ks 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 pl ans, 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.