Silver Miner Trading Higher After News of a "Bought Deal"

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Thursday, September 19, 2024

With global demand for silver surging in industries like electronics and renewable energy, the metal’s value is shining brighter than ever as a critical asset in industrial growth and wealth preservation. And shares of this company are trading higher after announcing the completion of a bought deal, meaning that the underwriters guaranteed the purchase of all the shares at the set price, reducing the company’s risk.

Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) announced in a press release today that it has completed its previously announced bought-deal public offering. Vizsla sold 25,000,000 shares of its stock to investors at C$2.60 per share, raising C$65,000,000 in total. The main underwriter, Canaccord Genuity, coordinated the sale with other financial institutions.

The underwriters have the option to buy an additional 3,750,000 shares within 30 days, giving them flexibility to meet investor demand. The underwriters were paid a cash commission of C$3,228,000.10 for managing the offering.

Vizsla is expected to use the net proceeds to advance the exploration, drilling and development of the company’s flagship Panuco Project, as well as for working capital and general corporate purposes.

Vizsla Silver is a Canadian mineral exploration and development company that is focused on advancing its flagship, 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. To date, the firm has completed over 380,000 meters of drilling at Panuco, which has led to the discovery of several new high-grade veins. For 2024, Vizsla Silver has budgeted +45,000 meters of resource/discovery-based drilling designed to upgrade and expand the mineral resource and test other high-priority targets across the district.

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