Vizsla Silver’s shares fell by 12.5% to C$1.47 apiece as of 2:15 p.m. ET, for a market capitalization of C$307.6 million ($227.9m). The stock traded between C$1.26 and C$2.25 over the past 52 weeks.
Net proceeds of the financing, says Vizsla, will go towards the exploration, drilling and development of its flagship Panuco silver-gold project in southern Sinaloa, Mexico. The project is located within a 72-sq.-km. district hosting past producing mines that has seen limited exploration on a consolidated basis.
To date, the company has completed over 350,000 metres of drilling at Panuco, leading to the discovery of several new high-grade veins.
Earlier this year, it released an updated mineral resource estimate that includes an in-situ indicated mineral resource of 155.8 million oz. of silver equivalent (AgEq) and an in-situ inferred resource of 169.6 million oz. AgEq.
The indicated mineral resource is estimated at 9.5 million…
