Vizsla Silver Announces $30 Million Bought Deal Financing
NYSE: VZLA TSX-V: VZLA
FOR IMMEDIATE RELEASE February 21, 2024
VIZSLA SILVER ANNOUNCES $30 MILLION BOUGHT DEAL FINANCING
NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
Vancouver, British Columbia (February 21, 2024) – Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA)
(Frankfurt: 0G3) (“Vizsla Silver” or the “Company”) is pleased to announce that it has entered into an
agreement with PI Financial Corp. as sole bookrunner and lead underwriter, on its own behalf and on behalf
of a syndicate of underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to
purchase, on a “bought deal” basis, 20,000,000 common shares (the “Shares”) of the Company at a price
of $1.50 per Share for aggregate gross proceeds of $30,000,000 (the “Offering”), excluding additional
proceeds raised from the exercise of the Over-Allotment Option (defined below).
The Company has agreed to grant the Underwriters an option to cover over-allotments (the “Over-
Allotment Option”), which will allow the Underwriters to purchase up to an additional 15% of the Shares
sold pursuant to the Offering, on the same terms as the Offering. The Over-Allotment Option may be
exercised in whole or in part at any time, for a period of 30 days after the Closing Date (as defined herein).
The net proceeds from the Offering will be used to advance the exploration, drilling and development of the
Company’s Panuco Project, as well as for working capital and general corporate purposes. The Shares will
be offered in each of the provinces and territories of Canada (other than the Province of Quebec) by way
of a prospectus supplement to the Company’s base shelf prospectus dated March 31, 2023, which will be
filed with the securities regulators in each of the provinces and territories of Canada, and may also be
offered by way of private placement in the United States and such other jurisdictions as agreed between
the parties.
The closing of the Offering is anticipated to occur on or about February 29, 2024 (the “Closing Date”) and
is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals,
including the acceptance of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such registration is available.
This news 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 any jurisdiction in which such offer, solicitation or sale would be unlawful.
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About the Panuco project
The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern
Sinaloa, Mexico, near the city of Mazatlán. The 7,189.5 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.
On January 8, 2024, the Company announced an updated mineral resource estimate for Panuco which
includes an estimated in-situ indicated mineral resource of 155.8 Moz AgEq and an in-situ inferred resource
of 169.6 Moz AgEq. The indicated mineral resource is estimated at 9.5 million tonnes (“Mt”) grading 289
grams per tonne (“g/t”) silver, 2.41 g/t gold, 0.27% lead, and 0.84% zinc (511 g/t silver equivalent). The
mineral resource estimate includes indicated mineral resources of 88.2 million ounces (“Moz”) of silver, 736
thousand ounces (“koz”) of gold, 25.4 kilotonnes (“kt”) of lead, and 79.9 kt of zinc (155.8 Moz AgEq). The
inferred mineral resource is estimated at 12.2 Mt grading 239 g/t silver, 1.93 g/t gold, 0.29% lead, and
1.03% zinc (433 g/t AgEq). The mineral resource estimate includes inferred mineral resources of 93.7 Moz
of silver, 758 koz of gold, 35.4 kt of lead, and 125.3 kt of zinc (169.6 Moz AgEq). Silver equivalent is
calculated using the following formula: AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t)
+ (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,425/t
lead and $2,976/t zinc.
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 silver-gold project located in Sinaloa, Mexico.
To date, Vizsla Silver has completed over 350,000 metres of drilling at Panuco leading to the discovery of
several new high-grade veins. For 2024, Vizsla Silver is focused on de-risking the resource base located
in the western portion of the district ahead of a development decision. Additionally, Vizsla Si lver has
budgeted +65,000 metres of resource/discovery-based drilling designed to upgrade and expand the
Project’s mineral resource, as well as test other high priority targets across the district.
In accordance with NI 43-101, Jesus Velador, Ph.D. MMSA QP, Vice President of Exploration, is the
Qualified Person for the Company and has validated and approved the technical and scientific content of
this news release.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Michael Konnert, President and Chief Executive Officer
Tel: (604) 364-2215
Email: [email protected]
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
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The information contained herein contains “forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning
of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to,
statements with respect to the activities, events or developments that the Company expects or anticipates
will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not
always, forward-looking information and statements can be identified by the use of words such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
“believes” or the negative connotation thereof or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the
negative connotation thereof. Forward-looking statements in this news release include, among others,
statements relating to: the filing of a prospectus supplement for the Offering, the timing, structure, activities
and completion of the Offering; the use of proceeds from the Offering, the Over-Allotment Option; and
exploration and development at Panuco.
Forward-looking statements and forward-looking information relating to any future mineral production,
liquidity, enhanced value and capital markets profile of the Company, future growth potential for the
Company and its business, and future exploration pla ns 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; no escalation in the severity of public health crises; costs of exploration and development; the
estimated costs of development of exploration projects; the Company’s ability to operate in a safe and
effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company’s respective 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
the Company 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 public health crises; the economic and financial implications of public health crises 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; ongoing military conflicts around the world; general economic factors; and
the factors identified under the caption “Risk Factors” in the Company’s management discussion and
analysis and other public disclosure documents.
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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 or implied by 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 forward-looking information and statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking statements or information. The Company undertakes
no obligation to update or reissue forward-looking information as a result of new information or events
except as required by applicable securities laws.