Panuco project area. Image from Vizsla Silver.
Canadian miner Vizsla Silver (TSX, NYSE: VZLA) is raising about $100 million to advance the exploration, drilling and development of its flagship Panuco project in western Mexico. The stock plunged.
A group of underwriters has agreed to purchase about 33.3 million common shares at $3 apiece via a bought deal, Vizsla said Monday in a statement. An over-allotment option gives the group the option to buy 15% more stock, which would boost gross proceeds to about $115 million if it was exercised in full.
The offering is expected to close on or about Thursday. Canaccord Genuity is the sole bookrunner.
Vancouver-based Vizsla is conducting a 10,000-metre drill program – started late last year – to test several veins in five priority targets across the Panuco district.
Panuco sits in southern Sinaloa, near the city of Mazatlán. The 72-sq.-km district has…
