Vizsla Silver Corp (OTCMKTS:VIZSF) stock gapped down on Wednesday after the company issued news today.
Market Action
As of 9:50, VIZSF stock fell 12% to $1.97. Total volume for the session stood at 189K shares, compared to its average volume of 118K shares. The stock opened at $2.07 and moved within a narrow range of $1.9500 – 2.1800.
VIZSF Issues News
Vizsla Announces $60 Million Bought Deal Financing
- VIZSF announced that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 24,000,000 units of the Company (the “Units”), at a price of $2.50 per Unit (the “Offering Price”) for gross proceeds of $60,000,000 (the “Offering”).
- Each Unit will consist of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 18 months from the closing of the Offering at a price of $3.25.
- The net proceeds of the Offering will be used to advance the exploration and development of Panuco, to make option payments and pursue strategic opportunities, as well as for working capital and general corporate purposes.
- The Units will be offered by way of a prospectus supplement in each of the Provinces of Canada (other than the Province of Quebec) and may also be offered by way of private placement in the United States and such other jurisdictions as agreed between the parties.
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