Wedoany.com Report-Jun 25, Vizsla Silver, a Canadian mineral exploration and development company, has entered an agreement with Canaccord Genuity to sell 33.34 million common shares at $3 per share, aiming to raise approximately $100 million. Canaccord Genuity will act as the sole bookrunner for this offering, which is expected to close around June 26, 2025, subject to regulatory approvals.

The net proceeds from this offering are earmarked for the advancement of Vizsla Silver’s Panuco silver-gold project in Mexico.

The proceeds will primarily fund the advancement of Vizsla Silver’s fully owned Panuco silver-gold project in Sinaloa, Mexico. The funds will support exploration, drilling, and development activities, as well as working capital and general corporate needs.

Underwriters have the option to purchase an additional 15% of the shares within 30 days after the closing to address potential overallotments. If fully exercised, this could increase the total proceeds to about $115 million. The shares will be offered in Canada, excluding Quebec, through a prospectus supplement under Vizsla Silver’s base shelf prospectus dated April 28, 2025.

A preliminary economic study for the Panuco project, completed in July 2024, highlighted its potential, estimating an annual production of 15.2 million ounces of silver equivalent over a 10.6-year mine life. The study projects a post-tax net present value (NPV) at a 5% discount rate of $1.1 billion, an internal rate of return (IRR) of 86%, and a payback period of nine months, based on silver prices of $26 per ounce and gold prices of $1,975 per ounce.

“We are focused on a dual-track strategy at Panuco, balancing mine development with cost-effective, district-scale exploration to establish Vizsla Silver as a leading global silver producer,” said a company spokesperson.

In April 2024, Vizsla Silver expanded its footprint by acquiring two significant claims south of the Panuco project, enhancing exploration opportunities in the Panuco–San Dimas corridor.