Zacatecas Silver Corp. (TSXV:ZAC) (the “
Company”)
is pleased to announce today that, due to strong demand, it has
agreed with Clarus Securities Inc. (“
Clarus”) as
lead agent on behalf of a syndicate of agents including Eventus
Capital Corp., Haywood Securities Inc., and Canaccord Genuity Corp.
(collectively, the “
Agents”), to increase the size
of its previously announced C$15,000,700 offering. Pursuant to the
upsized deal terms, the Agents have agreed to sell, on a “best
efforts” private placement basis, up to 15,000,000 subscription
receipts of the Company (the “
Subscription
Receipts”) at a price of C$1.10 per Subscription Receipt
(the “
Offering Price”) for aggregate gross
proceeds to the Company of up to C$16,500,000 (the
“
Offering”). In addition, the Company intends to
complete a concurrent non-brokered private placement offering of
1,364,000 Subscription Receipts on the same terms as the Offering
for gross proceeds of $1,500,400 which brings the total amount of
the financing to $18,000,400.
The proceeds raised from the Offering will be
used partially to satisfy the USD$5,000,000 cash consideration in
connection with the acquisition of the Esperanza Project from
Alamos Gold Inc., begin advancing the Esperanza Project towards
production, fund the ongoing drill program at the Company’s
existing silver project, and general working capital purposes.
The Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals including the acceptance by the TSX Venture Exchange. The
securities to be issued under this Offering will be offered by way
of private placement exemptions in all the provinces of Canada, and
in the United States on a private placement basis pursuant to
exemptions from the registration requirements of the United States
Securities Act of 1933, as amended.
The securities being offered have not, nor will
they be registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
Additionally, the Company has granted Clarus, on
behalf of the Agents, an agents’ option (“Agents’
Option”), which will allow the Agents to offer up to an
additional 15% of the Offering on the same terms as the
Subscription Receipts. The Agents’ Option may be exercised in whole
or in part at any time prior to the Closing Date of the Offering.
The Offering is expected to close on or about March 22, 2022.
About
Zacatecas Silver
The Zacatecas Silver property is located in
Zacatecas State, Mexico, within the highly prospective Fresnillo
Silver Belt, which has produced over 6.2 billion ounces of silver.
The company holds 7,826 ha (19,338 acres) of ground that is highly
prospective for low and intermediate sulphidation silver-base metal
mineralization and potentially low sulphidation gold dominant
mineralization. On December 15, 2021, Zacatecas announced a mineral
resource estimate at the Panuco Deposit consisting of 2.7 million
tonnes at 187 g/t AgEq (171 g/t Ag and 0.17 g/t Au) for 16.4
million ounces AgEq (15 million ounces silver and 15 thousand
ounces gold) (see news release dated December 15, 2021).
The property is 25 km south-east of MAG Silver
Corp.'s Juanicipio Mine and Fresnillo PLC's Fresnillo Mine. The
property shares common boundaries with Pan American Silver Corp.
claims and El Orito which is owned by Endeavour Silver.
There are four main high-grade silver target
areas within the Zacatecas concessions: the Panuco Deposit,
Muleros, El Cristo and San Manuel-San Gill. The Property also
includes El Oro, El Orito, La Cantera, Monserrat, El Peñón, San
Judas and San Juan silver-base metal vein targets. These targets
are relatively unexplored and will be the focus of rapid
reconnaissance.
In addition, Zacatecas Silver Corp. has entered
into a share purchase agreement dated Feb. 28, 2022, with Minas De
Oro Nacional SA De CV, a subsidiary of Alamos Gold Inc., to acquire
the advanced-stage Esperanza gold project, located in Morelos
state, Mexico.
The Esperanza gold project as an attractive
low-cost, low-capital-intensity and low-technical-risk growth
project located in Morelos state, Mexico. Alamos has advanced the
project through advanced engineering, including metallurgical work,
while also focusing on stakeholder engagement, including building
community relations.
On Behalf of the Company,
Bryan Slusarchuk, Chief Executive Officer and
Director
For further
information,
please contact:
Jonathan Richards, Chief Financial Officer
+1 604 802 4447
jrichards@redfernconsulting.ca
www.zacatecassilver.com
Forward-Looking Statements
Information set forth in this news release
contains forward-looking statements that are based on assumptions
as of the date of this news release. These statements reflect
management’s current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance.
Zacatecas Silver cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
many material factors, many of which are beyond their respective
control. Such factors include, among other things: risks and
uncertainties relating to Zacatecas Silver’s limited operating
history, its proposed exploration and development activities on is
Zacatecas Properties and the need to comply with environmental and
governmental regulations. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Zacatecas Silver does not
undertake to publicly update or revise forward-looking
information.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Zacatecas Silver (TSXV:ZAC)
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