NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, June 17,
2024 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla Silver" or the "Company") is pleased to
announce that Vizsla Silver shareholders ("Shareholders")
approved the plan of arrangement (the "Arrangement") with
Vizsla Royalties Corp. ("Spinco") at the special meeting of
Shareholders held today (the "Meeting").
Under the Arrangement, the owners of common shares of Vizsla
Silver (each a "VZLA Share") are entitled to receive
one-third of a common share of Spinco and one-third of a common
share purchase warrant of Spinco for each VZLA Share held
immediately prior to the closing of the Arrangement. Following the
Arrangement, Spinco will no longer be a wholly owned subsidiary of
Vizsla Silver.
Shareholders voted a total number of 101,847,455 Vizsla Silver
shares representing 43.69% of the outstanding shares present in
person or represented by proxy at the Meeting held today.
The Arrangement was approved by 85.03% of the votes cast by
Shareholders.
Shareholders also approved the share option plan of the Spinco
(the "Spinco Option Plan") at the Meeting. The Spinco Option
Plan was approved by 69.16% of the votes cast by Shareholders.
The Company intends to make an application to the Supreme Court
of British Columbia (the
"Court") for a Final Order on June
19, 2024.
On June 11, 2024, the Company
announced that it anticipated that June 21,
2024, would be the record date, and that Shareholders of
record on such date will be entitled to receive Spinco securities.
The Company wishes to clarify that the Transaction is an "Effective
Date" transaction. Accordingly, Shareholders of record as of the
close of business on the last trading day immediately prior to the
Effective Date, which last trading day is currently expected to be
on or about June 21, 2024, will
receive Spinco securities.
This announcement is for informational purposes only and does
not constitute a solicitation or a proxy.
About the Panuco Project
The newly consolidated Panuco
silver-gold project is an emerging high-grade discovery located in
southern Sinaloa, Mexico, near the
city of Mazatlán. The 17,856.5-hectare, past producing district
benefits from over 86 kilometres of total vein extent, 35
kilometres of underground mines, roads, power, and permits.
The district contains intermediate to low sulfidation epithermal
silver and gold deposits related to siliceous volcanism and crustal
extension in the Oligocene and Miocene. Host rocks are mainly
continental volcanic rocks correlated to the Tarahumara
Formation.
On January 8, 2024, the Company
announced an updated mineral resource estimate for Panuco which includes an estimated in-situ
indicated mineral resource of 155.8 Moz AgEq and an in-situ
inferred resource of 169.6 Moz AgEq (please refer to our Technical
Report on Updated Mineral Resource Estimate for the Panuco
Ag-Au-Pb-Zn Project, Sinaloa State, Mexico, by Allan
Armitage, Ben Eggers and
Peter Mehrfert, dated February 12,
2024 and to our Company´s press release dated January 8,
2024).
About Vizsla Silver
Vizsla Silver is a Canadian mineral exploration and development
company headquartered in Vancouver,
BC, focused on advancing its flagship, 100%-owned
Panuco silver-gold project located
in Sinaloa, Mexico. To date,
Vizsla Silver has completed over 368,000 metres of drilling at
Panuco leading to the discovery of
several new high-grade veins. For 2024, Vizsla Silver has budgeted
+30,000 metres of resource/discovery-based drilling designed to
upgrade and expand the mineral resource, as well as test other high
priority targets across the district.
In accordance with NI 43-101, Jesus
Velador, Ph.D. MMSA QP, Vice President of Exploration, is
the Qualified Person for the Company and has validated and approved
the technical and scientific content of this news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
NOTE REGARDING FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to the activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including, without limitation, planned
exploration activities. Generally, but not always, forward-looking
information and statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof. Forward-looking
statements in this news release include, among others, statements
with respect to timing, structure and completion of the
Arrangement, the treatment of Vizsla Silver and Spinco's securities
under the Arrangement and Court, stock exchange and regulatory
approvals for the Arrangement.
Forward‐looking statements and forward‐looking information
relating to any future mineral production, liquidity, enhanced
value and capital markets profile of the Company, future growth
potential for the Company and its business, and future exploration
plans are based on management's reasonable assumptions, estimates,
expectations, analyses and opinions, which are based on
management's experience and perception of trends, current
conditions and expected developments, and other factors that
management believes are relevant and reasonable in the
circumstances, but which may prove to be incorrect. Assumptions
have been made regarding, among other things, the price of silver,
gold, and other metals; no escalation in the severity of public
health crises; costs of exploration and development; the estimated
costs of development of exploration projects; the Company's ability
to operate in a safe and effective manner and its ability to obtain
financing on reasonable terms.
These statements reflect the Company's respective current views
with respect to future events and are necessarily based upon a
number of other assumptions and estimates that, while considered
reasonable by management, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could
cause actual results, performance, or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward‐looking statements or
forward-looking information and the Company has made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: the Company's dependence on
one mineral project; precious metals price volatility; risks
associated with the conduct of the Company's mining activities in
Mexico; regulatory, consent or
permitting delays; risks relating to reliance on the Company's
management team and outside contractors; risks regarding mineral
resources and reserves; the Company's inability to obtain insurance
to cover all risks, on a commercially reasonable basis or at all;
currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; risks relating to project
financing and equity issuances; risks and unknowns inherent in all
mining projects, including the inaccuracy of reserves and
resources, metallurgical recoveries and capital and operating costs
of such projects; contests over title to properties, particularly
title to undeveloped properties; laws and regulations governing the
environment, health and safety; the ability of the communities in
which the Company operates to manage and cope with the implications
of public health crises; the economic and financial implications of
public health crises to the Company; operating or technical
difficulties in connection with mining or development activities;
employee relations, labour unrest or unavailability; the Company's
interactions with surrounding communities and artisanal miners; the
Company's ability to successfully integrate acquired assets; the
speculative nature of exploration and development, including the
risks of diminishing quantities or grades of reserves; stock market
volatility; conflicts of interest among certain directors and
officers; lack of liquidity for shareholders of the Company;
litigation risk; ongoing military conflicts around the world;
general economic factors; and the factors identified under the
caption "Risk Factors" in the Company's management discussion and
analysis and other public disclosure documents.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
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SOURCE Vizsla Silver Corp.