Vizsla Silver prices $250 million convertible notes offering

Vizsla Silver Corp. (NYSE: VZLA) (TSX: VZLA) announced it has priced a $250 million offering of convertible senior unsecured notes due 2031. The offering is expected to close on or about November 24, 2025, subject to customary closing conditions.

The notes will bear cash interest at 5.00% per annum, paid semi-annually. The initial conversion rate is set at 171.3062 common shares per $1,000 principal amount of notes, equivalent to a conversion price of approximately $5.84 per share. This represents a 25% premium above the $4.67 closing price of Vizsla Silver shares on the NYSE American on November 19, 2025.

Initial purchasers have been granted a 13-day option to purchase up to an additional $50 million aggregate principal amount of notes. The company estimates net proceeds of approximately $239.4 million, or $285.9 million if the option is fully exercised, after deducting discounts and estimated expenses.

Vizsla Silver plans to use proceeds to support exploration and development of its Panuco Project, potential future acquisitions, and general corporate purposes. The company also intends to allocate approximately $39.6 million for capped call transactions designed to offset potential economic dilution from note conversions.

The capped call transactions cover the number of shares initially underlying the notes, with a cap price of $10.5075 per share, representing a 125% premium above the November 19, 2025 closing price. These transactions are expected to compensate for potential dilution through cash payments to the company, subject to the established cap.

The offering is subject to regulatory approvals, including approval from the Toronto Stock Exchange and NYSE American. The notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act.

Vizsla Silver is a mineral exploration company headquartered in Vancouver, focused on its Panuco silver-gold project in Sinaloa, Mexico.

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