Mr. Michael Konnert reports
VIZSLA RESOURCES ANNOUNCES FIRST CLOSING OF C$4 MILLION BROKERED PRIVATE PLACEMENT
Vizsla Resources Corp. has closed the first tranche of $3.6-million of the previously announced $4-million private placement, led by PI Financial Corp. and a syndicate of agents. The balance of the offering is expected to close on Dec. 5, 2019.
Pursuant to the offering, the company issued 9,058,500 common shares at a price of 40 cents for gross proceeds of $3,623,400. The company paid a cash commission equal to 6 per cent of the gross proceeds of the offering and issued 543,510 compensation options to the agents. Each compensation option is exercisable to acquire one common share at the issue price until Nov. 28, 2021.
The net proceeds from the offering will be used for exploration expenditures on the recently consolidated Panuco-Copala precious metals district in Mexico as well as for working capital.
The company expects to close the previously announced $2-million non-brokered private placement on or about Dec. 6, 2019.
All securities issued under the offering will be subject to a statutory hold period in Canada expiring four months and one day from the date of issuance.
Completion of the offering is subject to the final approval of the TSX Venture Exchange.
About Vizsla Resources Corp.
Vizsla Resources is led by an experienced management team, and the company has an option to acquire 100 per cent of the newly consolidated, 9,386.5-hectare Panuco district in southern Sinaloa, Mexico. The property covers the historic Panuco-Copala silver and gold mining district that has been in production for over 450 years. Recent results from the project have demonstrated high-grade silver and gold results.
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