Vizsla Silver (VZLA) Executes a Mandate Letter with Macquarie Bank Limited

Vizsla Silver Corp. (NYSE:VZLA) is one of the Best Mining Stocks to Buy According to Hedge Funds. On September 5, the company announced that it had executed a mandate letter with Macquarie Bank Limited as lead arranger for the senior secured project finance facility of up to US$220 million. This is to finance the construction and development of the high-grade underground Panuco silver-gold project in Sinaloa, Mexico.

Subject to the execution of definitive credit documentation and satisfaction of customary conditions, Vizsla Silver Corp. (NYSE:VZLA) can draw an initial US$25 million early-drawdown tranche down from the Facility, which will provide immediate financing for early development, construction preparation, and working capital ahead of the full project build-out at Panuco. Together with Vizsla Silver Corp. (NYSE:VZLA)’s current cash position, the debt facility is anticipated to fully finance the Panuco Project through to first silver production, and the company remains firmly on schedule with this and other key de-risking milestones, positioning itself to transition seamlessly into construction.

To provide a brief context, the newly consolidated Panuco silver-gold project is an emerging high-grade discovery, which is located in southern Sinaloa, Mexico, near the city of Mazatlán.

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Disclosure: None. This article is originally published at Insider Monkey.