Vizsla Silver launches $100M bought deal financing

Vizsla Silver (NYSE:VZLA) -6.4% pre-market Monday after saying a syndicate of underwriters agreed to a bought deal purchase of 33,334,000 common shares at US$3.00/share, for ~US$100M of gross proceeds, with an option to purchase up to an additional 15% of the offering.

The company said it plans to use the proceeds to advance the exploration, drilling and development of its Panuco project in Mexico, as well as for working capital and general corporate purposes.

Earlier this month, CIBC Capital agreed to purchase on a bought deal basis 27.4M common shares at C$2.00/share for C$54.8M in total gross proceeds, plus an underwriters option, to help fund Vizsla's (NYSE:VZLA) purchase of net smelter returns related to the Panuco project.