#Canada #Vancouver #Convertible Notes #Vizsla Silver #Panuco Project

Vizsla Silver Corp. Prices $250 Million Convertible Notes Offering

November 20, 2025 - Vizsla Silver Corp. (TSX VZLA, NYSE VZLA), based in Vancouver, has successfully priced its previously announced offering of convertible senior unsecured notes amounting to US$250 million. This strategic capital raise will primarily support the exploration and development of its flagship project, the Panuco Project, located in Sinaloa, Mexico, in addition to potential future acquisitions.

The offering is slated for closure around November 24, 2025, contingent on customary closing conditions. Notably, the initial purchasers of these notes have been granted a 13-day option to acquire up to an additional US$50 million in principal notes.

Details of the Offering

The notes will accrue cash interest semi-annually at a fixed rate of 5.00% per annum. Investors can convert the notes at an initial conversion rate of 171.3062 common shares per US$1,000 principal amount, translating to an approximate conversion price of US$5.84 per share. This price indicates a premium of 25% above the last recorded share price of US$4.67 on November 19, 2025, on the NYSE American. Importantly, should certain events transpire, the conversion rate may be adjusted accordingly. Holders of the notes can expect conversion options into shares, cash, or a combination of both, per the company's discretion.

There is also a possibility for the company to redeem the notes under specific conditions, and noteholders can demand repurchase upon the occurrence of certain events.

Use of Proceeds

The net proceeds from the offering are projected at approximately US$239.4 million, which could rise to US$285.9 million if the full option to purchase additional notes is exercised. Funds generated will primarily be allocated to the advancement of the Panuco Project and other general corporate purposes, including payments for capped call transactions.

A portion of these proceeds, around US$39.6 million, will fund capped call transactions aimed at mitigating economic dilution. The capped calls will encompass anti-dilution adjustments analogous to those of the notes, safeguarding the shareholders' interests.

Market Implications

The initiative is not just a typical fundraising effort; it carries significant implications for market dynamics. As capped call counterparties hedge their positions concerning the underlying shares, the interplay of such transactions could sway the share price either positively or negatively, influencing overall shareholder value.

This strategic offering underscores Vizsla Silver's commitment to elevating its operational capabilities while continuing to explore new growth avenues within the mining sector. The Panuco Project, noted for its rich silver-gold resources, is poised for advancement through this financial boost.

Vizsla Silver remains steadfast in its mission to not only develop a leading position in the silver market but also in implementing a comprehensive dual-track approach that fosters exploration without eating into capital reserves.

Regulatory Notes

It's crucial to highlight that the offering adheres strictly to regulatory standards, as neither the notes nor the shares underlying them will be registered under U.S. securities laws, hence limiting their offerings to qualified institutional buyers amid existing exemptions. Vizsla Silver has taken appropriate measures to assure compliance with all necessary securities regulations across relevant jurisdictions.

This financial maneuver signifies a promising chapter for Vizsla Silver Corp. as it ambitiously gears toward tapping into the immense potential of its mining assets while maintaining an agile and responsive operational framework.