Aya Gold & Silver Inc. Announces Upsizing and Closing of C$26,225,000 Underwritten Private Placement
September 03 2020 - 9:53AM
Aya Gold & Silver Inc. (TSX: AYA) (“Aya” or
the “Corporation”) is pleased to announce that it has upsized and
closed its previously announced underwritten private placement and
has issued 12,488,095 units of the Corporation (the “Units”) at a
price of C$2.10 per Unit for gross proceeds of C$26,225,000 (the
“Offering”). Each Unit consists of one common share in the
Corporation (each a “Common Share”) and one-half of one common
share purchase warrant (each whole warrant, a “Warrant”). Each
Warrant shall be exercisable for one Common Share at an exercise
price of C$3.30 until September 3, 2023.
“The Offering book was comprised of global
institutional investors, European investors including, successful
businessmen and investors, Messrs. Marc Nolet de Brauwere and
Christian Dumolin, and retail investors,” said Benoit La Salle,
President and CEO of Aya. “We are thrilled that the offering book
was oversubscribed providing a vote of confidence to the
Corporation’s potential and new management. We intend to use the
net proceeds from the Offering for the continued optimization of
the Zgounder Mine, exploration drilling and for general corporate
purposes.”
Desjardins Capital Markets acted as the lead
underwriter (the “Lead Underwriter”) of a syndicate of underwriters
including Sprott Capital Partners, Beacon Securities Limited and
Raymond James Ltd. (collectively with the Lead Underwriter, the
“Underwriters”).
The Common Shares, Warrants and Broker Warrants
issued pursuant to the Offering are subject to a statutory hold
period in Canada expiring January 4, 2021. The Toronto Stock
Exchange (“TSX”) has conditionally approved the listing of all
Common Shares issuable under the Offering. The Offering remains
subject to final approval of the TSX.
The securities referred to in this news release
have not been, 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, nor a solicitation for offers to
buy, any securities in the United States. Any public offering of
securities in the United States must be made by means of a
prospectus containing detailed information about the issuer and its
management, as well as financial statements.
About Aya Gold & Silver
Inc.
Aya Gold & Silver Inc. is a publicly traded
Canadian corporation focused on the operation, exploration,
acquisition and development of silver and gold deposits. Aya is
currently operating mining and milling facilities at its Zgounder
Silver Mine, an 85%-15% joint venture between its subsidiary, ZMSM,
and the Office National des Hydrocarbures et des Mines (“ONHYM”) of
the Kingdom of Morocco.
Its mining portfolio also includes the Boumadine
polymetallic deposit located in the Anti-Atlas Mountains of Eastern
Morocco which is also a joint venture with ONHYM wherein Aya
retains an 85% ownership. Additionally, the Corporation’s portfolio
includes the Amizmiz and Azegour properties, both being 100% owned,
with gold, tungsten, molybdenum and copper occurrences covering
over 100 square kilometres in a historical mining district of
Morocco.
For additional information, please visit Aya’s
website at www.ayagoldsilver.com
Or contact:
Benoit La Salle, FCPA FCAPresident & CEOTel:
+1 (514) 951-4411benoit.lasalle@ayagoldsilver.com |
Alex Ball Corporate Development & IR Tel: +1
(647) 919-2227alex.ball@ayagoldsilver.com |
Forward-Looking Statements
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
All information contained herein that is not clearly historical in
nature may constitute forward-looking information. Generally, such
forward-looking information can be identified by the use of
forward-looking terminology such as “will”, “continue”, “provide”,
“present”, “reasonable”, “established”, “has”, “demonstrate”,
“potential”, “expect” or variations of such words and phrases or
state that certain actions, events or results "may", "could",
"would" or "might". Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of the Corporation to be materially different from those expressed
or implied by such forward-looking information, including but not
limited to: (i) volatile stock price; (ii) the general global
markets and economic conditions; (iii) the possibility of
write-downs and impairments; (iv) the risk associated with
exploration, development and operations of mineral deposits
including the accuracy of the current mineral reserve and mineral
resource estimates of the Corporation (including, but not limited
to, ore tonnage and ore grade estimates) and mine plans for the
Corporation’s mining operations (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics); (v) the risk associated with establishing title
to mineral properties and assets including permitting, development,
operations and production from the Corporation’s operations being
consistent with expectations and projections; (vi) fluctuations in
commodity prices and other risks and factors described or referred
to in the section entitled "Risk Factors" in the MD&A of the
Corporation and which is available at www.sedar.com, all of which
should be reviewed in conjunction with the information found in
this news release
Although the Corporation has attempted to
identify important factors that could cause actual results to
differ materially from those contained in the forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking information. Such
forward-looking information has been provided for the purpose of
assisting investors in understanding the Corporation's business,
operations and exploration plans and may not be appropriate for
other purposes. Accordingly, readers should not place undue
reliance on forward-looking information. Forward-looking
information is given as of the date of this press release, and the
Corporation does not undertake to update such forward-looking
information except in accordance with applicable securities
laws.
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