TSX-V-listed Vizsla Silver on Wednesday announced $60-million bought-deal financing, the proceeds of which would be used to advance the exploration and development of Panuco, to make option payments and pursue strategic options.
The company has an option to acquire 100% of the newly consolidated 9 386.5 ha Panuco district in southern Sinaloa, Mexico. The option allows for the acquisition of over 75 km of total vein extent, a 500 t/d mill, 35 km of underground mines, tailings facilities, roads, power and permits.
Vizsla entered into an agreement with Canaccord Genuity Corp, on behalf of a syndicate of underwriters, pursuant to which they have agreed to purchase 24-million units at $2.50 each.
Each unit would consist of one common share of the company and one-half of one common share purchase warrant.