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Vizsla Silver Prices US$250 Million Convertible Senior Notes Offering

BY MT Newswires | CORPORATE | 11/20/25 06:36 AM EST

06:36 AM EST, 11/20/2025 (MT Newswires) -- Vizsla Silver (VZLA) , which at last look dropped near 13% in U.S. pre-market trading, said it has priced an offering of convertible senior unsecured notes due 2031 totaling US$250 million.

The notes will bear cash interest semi-annually at a rate of 5.00% per annum. The initial conversion rate will be 171.3062 Vizsla common shares per $1,000 principal amount of notes, equivalent to an initial conversion price of about $5.84 per share.

The initial conversion price represents a premium of about 25% above the last reported sale price of the shares on the NYSE American on Nov. 19.

The notes will be convertible into shares, cash or a combination of shares and cash at the company's election.

Initial purchasers have granted an option for a 13-day period to buy up to an additional $50 million of notes. The company will have the right to redeem the notes in certain circumstances, and holders will have the right to require Vizsla to repurchase their notes on certain events.

Vizsla expects net proceeds to amount to $239.4 million, or $285.9 million if the initial purchasers fully exercise their option to buy additional notes.

Net proceeds will be used to support the exploration and development of the Panuco project, potential acquisitions and for general corporate purposes. A portion of the proceeds will also be used to purchase cash-settled capped calls intended to compensate for economic dilution.

The offering is scheduled to close on Nov. 24.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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