VIZSLA SILVER ANNOUNCES PROPOSED OFFERING OF US$250 MILLION OF CONVERTIBLE SENIOR NOTES
Vizsla Silver (NYSE: VZLA) announced a proposed offering of US$250 million of convertible senior unsecured notes due Jan. 15, 2031, with initial purchasers granted a 13‑day option to buy up to an additional US$50 million. Net proceeds are planned for exploration and development of the Panuco Project, potential acquisitions and general corporate purposes.
The Notes will accrue interest paid semi‑annually beginning July 15, 2026, and may convert into shares, cash or a mix at the company’s election; conversion is restricted before Oct. 15, 2030. Vizsla expects to use part of proceeds to buy cash‑settled capped calls intended to reduce economic dilution. The offering is subject to exchange and customary conditions and will be sold only to qualified institutional buyers.
Vizsla Silver (NYSE: VZLA) ha annunciato una proposta di offerta di US$250 milioni di note senior non garantite convertibili scadenza 15 gennaio 2031, con i acquirenti iniziali a cui è concessa una opzione di 13 giorni per acquistare fino a ulteriori US$50 milioni. I proventi netti sono destinati all'esplorazione e allo sviluppo del Panuco Project, a potenziali acquisizioni e a scopi aziendali generali.
Le Note matureranno interessi semestrali a partire dal 15 luglio 2026 e potranno essere convertite in azioni, contanti o una miscela a scelta della società; la conversione è limitata prima del 15 ottobre 2030. Vizsla prevede di utilizzare una parte dei proventi per acquistare call coperte in contanti finalizzate a ridurre la diluizione economica. L'offerta è soggetta a scambi e condizioni usuali e sarà venduta solo a investitori istituzionali qualificati.
Vizsla Silver (NYSE: VZLA) anunció una oferta propuesta de US$250 millones en bonos senior no garantizados convertibles con vencimiento el 15 de enero de 2031, con los compradores iniciales otorgados una opción de 13 días para adquirir hasta US$50 millones adicionales. Los ingresos netos se destinarán a la exploración y desarrollo del Panuco Project, a adquisiciones potenciales y a fines corporativos generales.
Los bonos devengarán intereses de forma semestral a partir del 15 de julio de 2026, y pueden convertirse en acciones, efectivo o una mezcla a elección de la empresa; la conversión está restringida antes del 15 de octubre de 2030. Vizsla espera usar parte de los ingresos para comprar opciones de pago en efectivo limitadas para reducir la dilución económica. La oferta está sujeta a cambios y condiciones habituales y se venderá solo a compradores institucionales calificados.
Vizsla Silver (NYSE: VZLA)가 미화 2억 5천만 달러의 우선주 비담보 변환 가능 채권의 제안을 발표했으며 만기는 2031년 1월 15일, 초기 매수자에게는 13일의 기간 동안 최대 미화 5천만 달러를 추가로 매입할 수 있는 옵션이 부여됩니다. 순수익은 Panuco Project의 탐사 및 개발, 잠재적 인수, 일반 기업 목적에 사용될 예정입니다.
해당 채권은 2026년 7월 15일부터 반기마다 이자를 지급하며 회사의 선택에 따라 주식, 현금 또는 혼합으로 전환될 수 있지만, 2030년 10월 15일 이전의 전환은 제한됩니다. Vizsla는 경제적 희석을 줄이기 위해 현금 settle된 캡드 콜의 일부를 매입할 계획입니다. 이 제안은 거래소 및 일반적인 조건에 따라 진행되며 자격을 갖춘 기관투자자에게만 판매됩니다.
Vizsla Silver (NYSE: VZLA) a annoncé une proposition d’offre de 250 millions de dollars américains d’obligations seniors convertibles non garanties arrivant à échéance le 15 janvier 2031, avec les acheteurs initiaux se voyant accorder une option de 13 jours pour acheter jusqu’à 50 millions de dollars américains supplémentaires. Les produits nets seront destinés à l’exploration et au développement du Panuco Project, à des acquisitions potentielles et à des objectifs généraux de l’entreprise.
Les obligations porteront intérêt semestriellement à partir du 15 juillet 2026 et pourront être converties en actions, en espèces ou en un mélange selon l’option de l’entreprise; la conversion est limitée avant le 15 octobre 2030. Vizsla prévoit d’utiliser une partie des produits pour acheter des calls couverts en espèces destinés à réduire la dilution économique. L’offre est soumise à des conditions d’écoute et à des conditions habituelles et sera vendue uniquement à des acheteurs institutionnels qualifiés.
Vizsla Silver (NYSE: VZLA) kündigte ein vorgeschlagenes Angebot von US$250 Millionen an vorrangigen, unbesicherten wandelbaren Senior-Noten an, fällig am 15. Januar 2031, wobei Initialkäufer eine 13-tägige Option erhalten, bis zu zusätzlichen US$50 Millionen zu erwerben. Die Nettoproventen sollen für die Erschließung und Entwicklung des Panuco Project, potenzielle Akquisitionen und allgemeine Unternehmenszwecke verwendet werden.
Die Anleihen werden ab dem 15. Juli 2026 halbjährlich Zinsen zahlen und können nach Wahl des Unternehmens in Aktien, Bargeld oder eine Mischung umgewandelt werden; eine Umwandlung ist vor dem 15. Oktober 2030 eingeschränkt. Vizsla beabsichtigt, einen Teil der Erlöse zu verwenden, um cash-settled capped calls zu erwerben, die darauf abzielen, die wirtschaftliche Verwässerung zu reduzieren. Das Angebot unterliegt Börsen- und üblichen Bedingungen und wird nur an qualifizierte institutionelle Käufer verkauft.
Vizsla Silver (NYSE: VZLA) أعلنت عن طرح مقترح لإصدار سندات قابلة للتحويل من الدرجة العليا غير مضمونة بقيمة 250 مليون دولار أمريكي تستحق في 15 يناير 2031، مع منح المشترين الأوائل خياراً لمدة 13 يوماً لشراء حتى 50 مليون دولار أمريكي إضافية. ستخصص صافي العوائد لاستكشاف وتطوير مشروع Panuco Project، وزادات الاستحواذ المحتملة وأغراض الشركة العامة.
ستكسب السندات فائدة نصف سنوية ابتداء من 15 يوليو 2026، وقد تُحوَّل إلى أسهم أو نقداً أو مزيج وفق اختيار الشركة؛ القيود على التحويل قبل 15 أكتوبر 2030. تتوقع Vizsla استخدام جزء من العوائد لشراء مكالمات مغطاة نقداً تهدف إلى تقليل التخفيف الاقتصادي. العرض خاضع لتبادل وشروط اعتيادية وسيتم بيعه فقط للمشترين المؤسسيين المؤهلين.
- Capital raise of US$250M to fund Panuco exploration and development
- Initial purchaser option adds up to US$50M incremental financing
- Planned capped calls to mitigate economic dilution on conversions
- Convertible notes mature on Jan 15, 2031, creating long‑term interest obligations
- Interest payable semi‑annually beginning July 15, 2026, increasing cash outflows
- Conversion restrictions lift on Oct 15, 2030, creating potential future dilution
- Offering subject to TSX and NYSE American approvals and may not complete
Insights
Large convertible note offering to raise
The company plans an offering of convertible senior unsecured notes due
The financing structure combines debt servicing (semi‑annual interest payments beginning
Watch for three near‑term items: (1) final pricing terms including the interest rate and conversion rate at the offering syndicate pricing event; (2) whether the initial purchasers exercise the
NYSE: VZLA TSX: VZLA
- Opportunistic capital raise with proceeds used to support exploration and development of the Panuco Project, potential future acquisitions, and general corporate purposes
- A portion of the proceeds to be used to purchase cash-settled capped calls intended to compensate for economic dilution
The Company intends to use the net proceeds from the Offering to support the exploration and development of the Panuco Project, potential future acquisitions, as well as for general corporate purposes. Additionally, the Company intends to pay the purchase price for the capped call transactions with a portion of the net proceeds from the Offering or from existing cash on hand. If the initial purchasers exercise their option to purchase additional Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions with the capped call counterparties and the remaining net proceeds for general corporate purposes.
The Notes
The Notes will be senior unsecured obligations of the Company and will accrue interest at a rate payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026, and will be convertible into common shares of the Company (the "Shares"), cash or a combination of Shares and cash, at the Company's election. The Notes will mature on January 15, 2031, unless earlier converted, redeemed or repurchased. Prior to October 15, 2030, the Notes will be convertible only under certain circumstances, and thereafter, the Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
The interest rate, the initial conversion rate and other terms of the Notes will be determined by the Company and the initial purchasers and will depend on market conditions at the time of pricing of the Offering. The Company will have the right to redeem the Notes in certain circumstances, and holders will have the right to require the Company to repurchase their Notes upon the occurrence of certain events.
Capped Call Transactions
In connection with the Offering, the Company expects to enter into privately negotiated cash-settled capped call transactions with one or more of the initial purchasers of the Notes, their respective affiliates and/or other financial institutions (the "capped call counterparties"). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of Shares that will initially underlie the Notes. The capped call transactions are expected generally to compensate (through the payment of cash to the Company) for potential economic dilution upon conversion of the Notes and/or offset any cash payments that the Company could be required to make in excess of the principal amount of any converted Notes upon conversion thereof, as the case may be, with such compensation and/or offset subject to a cap.
In connection with establishing their initial hedges of the capped call transactions, the Company expects the capped call counterparties or their respective affiliates to enter into various derivative transactions with respect to the Shares and/or purchase Shares concurrently with, or shortly after, the pricing of the Notes, including with, or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Shares or the Notes at that time.
In addition, the capped call counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Shares and/or purchasing or selling the Shares or other of the Company's securities in secondary market transactions following the pricing of the Notes and prior to the maturity of the Note (and are likely to do so during the 45 trading day period beginning on the 46th scheduled trading day prior to the maturity date of the Notes and, to the extent the Company exercises the relevant election under the capped call transactions, following any earlier conversion, redemption or repurchase of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Shares or the Notes, which could affect a noteholder's ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of Shares and value of the consideration that noteholders will receive upon conversion of the Notes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the NYSE American, and there can be no assurance as to whether, when or on what terms the Offering may be completed.
The Notes and the Shares issuable upon the conversion thereof have not been and will not be registered under the
This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Qualified Person
In accordance with NI 43-101 – Standards of Disclosure for Mineral Projects, Jesus Velador, Ph.D. MMSA QP., Vice President of Exploration, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.
About Vizsla Silver
Vizsla Silver is a Canadian mineral exploration and development company headquartered in
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the proposed terms of the proposed Offering, the capped call transactions, the completion, timing and size of the proposed Offering, and the anticipated uses of proceeds from the proposed Offering (including the capped call transactions). All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements.
In addition, forward-looking statements are typically identified by words such as "plan," "believe," "goal," "target," "aim," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would," "will" and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of the Company's management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others, the risk that the Company may not be able to consummate the proposed Offering or the capped call transactions on satisfactory conditions or at all, and other risks described in the Company's filings with the Securities and Exchange Commission and available under its profile on SEDAR+ at www.sedarplus.ca, including under the heading "Risk Factors" in those filings, and other risks it may identify from time to time. Forward-looking statements contained herein are made only as to the date hereof, and the Company assumes no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as expressly required by applicable law.
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SOURCE Vizsla Silver Corp.
FAQ
What is Vizsla Silver (VZLA) offering in the Nov. 19, 2025 financing?
How will Vizsla Silver (VZLA) use proceeds from the US$250M note offering?
When do interest payments on the VZLA Notes begin and how often are they paid?
Will the VZLA Notes cause shareholder dilution and how is the company addressing it?
Who can buy the Vizsla Silver (VZLA) Notes and are there regulatory conditions?
When can holders convert the VZLA Notes into shares?
