AYASF - Aya Gold and Silver Announces $67.5 Million Bought Deal Offering of Common Shares | Benzinga
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MONTREAL, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX:AYA, OTCQX:AYASF) ("Aya" or the "Company") is pleased to announce that it has entered into an agreement pursuant to which Eight Capital, as sole bookrunner, together with a syndicate of underwriters including National Bank Financial Inc., as co-lead underwriter (collectively, the "Underwriters"), has agreed to purchase, on a bought deal basis, 6,586,000 common shares in the capital of the Company (the "Shares"), at a price of $10.25 per Share (the "Issue Price") for gross proceeds of $67,506,500 (the "Offering").
The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Shares at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, approximately $10,125,975 additional proceeds will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $77,632,475.
The Company intends to use the net proceeds of the Offering for the advancement of its exploration and development programs at Boumadine, the exploration program at Zgounder Regional, as well as for working capital and general corporate purposes.
"This financing underscores our confidence in Aya's growth prospects, as the use of these funds will primarily support our exploration and development efforts. The Zgounder Expansion being fully funded and progressing within budget, the cost-overrun account remaining intact, we are now looking to strategically position Aya for the future.
This financing allows us to forge ahead at full speed in the exploration and development of Boumadine over the next two years with an exploration program in excess of 200,000m of drilling, and reinforces our commitment to creating long-term value for our shareholders while maintaining our commitment to sustainable mining practices and striving for excellence" said Benoit La Salle, President and CEO of the Company.
The closing date of the Offering is scheduled to ...