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Highlights
Vizsla Silver updates its at-the-market equity program to raise funds for the Panuco Project.
The company will offer common shares through various financial agents and marketplaces.
The proceeds will be allocated towards ongoing work at the Panuco Project, general corporate purposes, and working capital.
Vizsla Silver, a key player in the precious TSX Metals stocks sector, has announced an update to its existing at-the-market equity program. This development allows the company to offer and sell up to a specified amount of common shares to the public on a continuous basis. The funds generated from these sales will support the company’s ongoing efforts to advance its Panuco Project.
Details of the Equity Program
Vizsla Silver's at-the-market equity program is structured to provide flexibility in raising capital. Through this updated program, the company plans to sell common shares on various exchanges, including the Toronto Stock Exchange and NYSE American, as well as other markets in Canada and the U.S. The program’s execution will be managed by leading financial institutions, who have agreed to act as agents in the sale of these shares.
The decision on the timing and volume of the shares to be sold will rest solely with the company. Sales will be made at market prices prevailing at the time of each transaction, ensuring that they are aligned with current market conditions.
Use of Proceeds
The primary focus for the use of the proceeds from the sale of shares under the equity program will be to fund ongoing activities at the Panuco Project. Additionally, the company plans to allocate the funds for working capital and general corporate purposes, which will assist in the broader objectives of advancing the project through key development stages.
Equity Distribution Agreement and Agents
The updated equity program is formalized through an equity distribution agreement entered into by the company and its appointed agents. Canaccord Genuity and CIBC Capital Markets will act as the lead agents, with support from National Bank Financial and BMO Capital Markets. These institutions will assist in the sale and distribution of the common shares across various markets.
Termination of Previous Equity Agreement
This new equity distribution agreement also leads to the termination of the company’s previous agreement that was in place since the previous year. The previous arrangement was effective until the agreement was replaced by the updated terms, marking a transition in the way Vizsla Silver will manage its equity capital raising activities moving forward.
Expiration and Termination of the Program
The updated program will remain effective until the company either completes all planned sales of shares or until the relevant documents cease to be effective. The agreement also includes provisions for early termination by either the company or the agents under specific conditions. This ensures that the company has the flexibility to adjust its strategy if needed.
