FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
Vizsla Silver Corp.
Suite 1723, 595 Burrard Street
Vancouver, British Columbia, V7X 1J1
(the "Company" or "Vizsla Silver")
Item 2 Date of Material Change
September 16, 2024
Item 3 News Release
The news release was disseminated on September 16, 2024 through Cision and filed on SEDAR+.
Item 4 Summary of Material Change
On September 16, 2024, the Company announced that it has entered into an agreement with Canaccord Genuity as sole bookrunner, on behalf of itself and syndicate of underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 25,000,000 common shares (the "Common Shares"), at a price of $2.60 per Common Share, for gross proceeds of approximately $65,000,000.
Item 5 Full Description of Material Change
5.1 Full Description of Material Change
The Company announces that it has entered into an agreement with Canaccord Genuity as sole bookrunner, on behalf of itself and syndicate of underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 25,000,000 common shares (the "Common Shares"), at a price of $2.60 per Common Share, for gross proceeds of approximately $65,000,000 (the "Offering").
The Company has granted the Underwriters an option (the "Over-Allotment Option"), exercisable at the offering price for a period of 30 days after and including the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about September 19, 2024, and is subject to the Company receiving all necessary regulatory approvals. In the event that the Over Allotment Option is exercised in full, the total gross proceeds of the Offering will be $74,750,000.
The Company currently intends to use the net proceeds of the Offering to advance the exploration, drilling and development of the Company's Panuco Project, as well as for working capital and general corporate purposes as set out in the Prospectus Supplement (as defined below).
The Common Shares will be offered by way of a prospectus supplement (the "Prospectus Supplement") in all of the provinces and territories of Canada, other than Quebec, pursuant to the Company's base shelf prospectus dated March 31, 2023 (the "Base Shelf Prospectus"), and will be offered in the United States pursuant to a prospectus supplement (the "US Prospectus Supplement") filed as part of an effective registration statement on Form F-10 (the "Registration Statement") filed under the Canada/U.S. multi-jurisdictional disclosure system. Before investing, prospective purchasers in Canada should read the Prospectus Supplement, the Base Shelf Prospectus, and the documents incorporated by reference therein, and prospective purchasers in the United States should read the US Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement and the documents incorporated by reference therein for more complete information about the Company and the Offering.
5.2 Disclosure for Restructuring Transactions
Not applicable.
Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
For further information, contact:
Michael Konnert
Chief Executive Officer
Telephone: (604) 364-2215
Item 9 Date of Report
September 16, 2024
