Vizsla Silver falls following $250 mln convertible bond sale

Sprott

20/11/2025 10:56

** U.S.-listed shares of Canada's Vizsla Silver Corp VZLA.N down 12.6% premarket to $4.08 after capital raise

** Mining firm announced pricing  private offering of $250 mln 5% convertible bonds due Jan 2031

** Initial conversion price of $5.84 is 25% above shares last close of $4.67

** VZLA intends to use net offering proceeds for exploration and development of Panuco silver-gold project in Sinaloa, Mexico, potential future acquisitions, and general corporate purposes

** Also, it plans to use ~$40 mln for capped call transactions to help mitigate dilution; initial cap price of about $10.51 represents a 125% premium to shares last sale

** U.S.-listed VZLA shares on Weds closed up 2.9%, giving co about $1.6 bln market cap, per LSEG data

** Through Weds, shares up 173% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed are his own)

 ((lance.tupper@tr.com 1-646-279-6380))