Fortuna Silver Mines Closes US$69 Million Bought Deal Equity Financing Including Full Exercise of Over-Allotment Option
Fortuna Silver Mines Closes US$69 Million Bought Deal Equity Financing
Including Full Exercise of Over-Allotment Option
Vancouver, May 20, 20 20 -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the
“Company”) announces the closing of its previously a nnounced bought deal equity offering (the
“Offering”). A total of 23,000,000 common shares (th e “Shares”) were iss ued at a price of US$3.00 per
Share for gross proceeds to the Company of US$ 69,000,000, which includes the exercise, in full, of the
over-allotment option of an additional 3,000,000 Shares.
The Offering was conducted through a syndi cate of underwriters led by Scotia bank and BMO Capital
Markets, and including PI Financial, CIBC Capital Markets and National Bank Financial.
The Offering was completed by way of prospectu s supplement to the Company ’s final ba se shelf
prospectus dated April 29, 2020, filed in each of the provinces of Canada, except Québec, and in the United
States on a private placement basis pursuant to an exemption from the registration requirements of the
United States Securities Act of 1933, as amended.
The Company intends to use the net proceeds of the Offering to fund remaining construct ion and
preproduction related expenditures at its Lindero gold project in Argentina and for general working capital
purposes.
This news release does not c onstitute an offer to sell or a solicitation of an offer to buy the securities
described herein in the United States or in any other jurisdiction. The securities referred to in this press
release have not been and will not be registered under the U.S. Secu rities Act and may not be offered
or sold without registration under the U.S. Securities Act and all a pplicable state securities laws or
compliance with the requirements of an exemption from such registration.
About Fortuna Silver Mines Inc.
Fortuna is a growth oriented, precious metals producer focused on mining opportunities in Latin America.
Our primary assets are the Caylloma silver Mine in southern Peru, the San Jose silver-gold Mine in Mexico
and the Lindero gold Project, currently under construction , in Argentina. The Company is selectively
pursuing acquisition opportunities throughout the Americas and in select other areas. For more
information, please visit our website at www.fortunasilver.com.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
Trading symbols: NYSE: FSM | TSX: FVI
-2-
Investor Relations:
Carlos Baca
T (Peru): +51.1.616.6060, ext. 0
Forward-looking Statements
This news release contains forward-looking statements which constitute "forward-looking information " within the
meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the
"safe harbor " provisions of the Private Securities Litiga tion Reform Act of 1995 (collectively, "Forward-looking
Statements"). All statements included here in, other than statements of historical fact, are For ward-looking
Statements and are subject to a variety of known and unknown risks and uncertainties which c ould cause actual
events or results to differ materially from those reflected in the Forward -looking Statements. The Forward -looking
Statements in this news release may include, without limitation, statements pertaining to: the use of proceeds from
the Offering and the final approval of the Offering from the Toronto Stock Exchange . Often, but not always, these
Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future",
"assumed", "projected", "scheduled", " used", "detailed", "has been ", "gain", "planned", "reflecting", "will",
"containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achi eved and similar
expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any results, performance
or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors includ e,
among others, the worldwide economic and social impact of COVID-19, the duration and extent of COVID-19, changes
in general economic conditions and financial markets; the re-imposition of government restrictions on business
related to COVID -19; any positive cases of COVID -19 at the Company’s mine sites wh ich may cause a reduction or
suspension in operations; changes in prices for silver and other metals; technological and operational hazard s in
Fortuna's mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the
estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral
reserves and resour ces; changes to production estimates; governmental and other appr ovals; changes in
government, political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those
factors discussed under "Risk Factors " in the Comp any's Annual Information Form. Although the Company has
attempted to identify important factors that could cause actua l actions, events or results to differ materially from
those described in Forward-looking Statements, there may be other factors that caus e actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking Statements cont ained herein are based on the assumpti ons, beliefs, expectations and opinions of
management, including but not limited to the management o f the worldwide economic and social impact of COVID-
19, that the duration and extent of COVID -19 is minimized and not long-term, the expected trends in mine ral prices
and currency exchange rates; the accuracy of the Company 's current mineral resource and r eserve estimates; that
the Company's activities will be in accordance with the Company's public statements and stated goals; that there will
be no material adverse change affecting the Company or its properties; that all required approvals will be obtained ;
that there will be no significant disruptions affecting operati ons; how the Company will use the proceeds from the
Offering; the final approval of the Off ering from the Toronto Stock Exchange and such other assumptions as set out
herein. Forward-looking Statements are made as of the date hereof and the Company dis claims any obligation to
update any Forward -looking State ments, whether as a result of new info rmation, future events or results or
otherwise, except as require d by law. There can be no assurance that that these Forward -looking Statements will
prove to be accurate, as actual results and future events could diffe r materially from those anticipated in such
statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.