Vizsla Silver Down 15% After Hours as It Plans a US$250-Million Offering of Convertible Senior Notes

04:33 PM EST, 11/19/2025 (MT Newswires) -- Vizsla Silver (VZLA) , was last seen down 15% in after-hours New York trading after the company on Wednesday said it intends to offer US$250 million in convertible senior unsecured notes due 2031, with an option for initial purchasers to buy an additional US$50 million of notes within 13 days of issuance.

The company said it plans to use proceeds to support exploration and development work at its Panuco Project, potential future acquisitions, and general corporate purposes.

The notes will accrue interest payable semi-annually beginning July 15, 2026, and will be convertible into Vizsla Silver (VZLA) shares, cash, or a combination of both. The notes will mature Jan. 15, 2031, unless earlier converted, redeemed, or repurchased. The interest rate, initial conversion rate and other terms will be set at pricing.

Vizsla Silver (VZLA) said it expects to enter capped call transactions with one or more purchasers or their affiliates. These transactions are designed to reduce potential dilution or offset cash payments above the principal amount upon conversion of the notes, subject to a cap.

The offering is subject to customary conditions, including approvals from the Toronto Stock Exchange and NYSE American.

The notes and underlying shares will not be registered under the U.S. Securities Act and will be offered only to qualified institutional buyers under Rule 144A.

Vizsla shares were last see down US$0.69 to US$3.98 after-hours. They closed up C$0.24 at C$6.57 on the Toronto Stock Exchange on Wednesday.

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