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).