Vizsla Copper raising $3.8 million from upsized financing

Vizsla Copper Corp. [VCU-TSXV, VCUFF-OTCQB, 97E0-Frankfurt] said that due to significant investor demand, the company has increased the gross proceeds from its previously announced private placement financing to $3.8 million.

The company previously said it planned to raise $3.0 million from the sale of 9.09 million units priced at 11 cents each and up to 16.6 million flow-through units, and together with the units at a price of 12 cents per share.

The company now says the offering has been revised to allow for the sale of any combination of units priced at 11 cents per unit, and flow-through units, and together with units priced at 12 cents per flow-through unit.

Each unit will consist of one common share of the company and one half of one common share purchase warrant. Each flow-through unit will consist of one common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada), and one half of one warrant. Each whole warrant will entitle the holder to purchase one common share for 16 cents at any time on or before the date which is 24 months after the closing date of the offering, which is expected to occur on June 19, 2024..

The agents have been granted an option to sell up to an additional $570,000 in any combination of offered units at their respective offering prices. That option it exercisable in whole or in part for up to 48 hours before the offering closes.

Vizsla recently said it had struck a definitive deal to acquire all the issued and outstanding shares of Universal Copper Ltd. by way of a plan of arrangement.

Universal is a Canadian copper exploration company. Its flagship Poplar Project is one of the most advanced pre-production copper projects in British Columbia. The project is large and covers 39,000 hectares in an accessible region of the central interior of B.C. It hosts an indicated resource of 152.3 million tonnes of grade 0.32% copper, 0.009% molybdenum, 0.09 g/t gold and 2.58 g/t silver. On top of that is an inferred resource of 139.3 million tonnes of grade 0.29% copper, 0.005% molybdenum, 0.07 g/t gold and 4.95 g/t silver.

Vizsla Copper shares were unchanged Thursday at 10.5 cents and trade in a 52-week range of 29.5 cents and $0.07.

Vizsla Copper has evolved from a move by Vizsla Silver Corp. [VZLA-TSXV] to spin out its British Columbia copper assets. Combining the Poplar project with Vizsla Copper’s Woodjam, Regold, Copperview and Carruthers Pass properties, offers shareholders exposure to a growing pipeline of projects ranging from expansion driven brownfield development to exciting discovery-seeking greenfield exploration, the companies said in a press release.

Looking ahead to potential development, Vizsla said the Poplar project possesses a higher-grade core that also extends to the top of the bedrock and may be beneficial to phased mining scenarios.