Aya Gold & Silver Announces $70 Million Bought Deal Offering of Common Shares

About this update from Aya Gold & Silver Inc.

[{"type":"text","content":" MONTREAL, Jan. 17, 2023 (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 and Desjardins Capital Markets, as joint bookrunners and co-lead underwriters, together with a syndicate of underwriters (collectively, the “Underwriters”), have agreed to purchase, on a bought deal basis, 8,485,000 common shares in the capital of the Company (the “Shares”), at a price of $8.25 per Share (the “Issue Price”) for gross proceeds of $70,001,250 (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 $10,500,000 additional proceeds will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $80,500,000. The Company intends to use the net proceeds of the Offering to advance its business objectives including for the advancement of its exploration program namely at Boumadine and Zgounder, the funding of the Zgounder expansion project, and for working capital and general corporate purposes. The closing date of the Offering is scheduled to be on or about January 25, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The Offering will be completed by way of a prospectus supplement (the “Supplement”) to the short form base shelf prospectus of the Company dated January 12, 2023 (the “Base Prospectus”), which Supplement is expected to be filed on or prior to January 19, 2023 with the securities commissions and other similar regulatory authorities in each of the provinces of Canada and in such other jurisdictions as are agreed to by the Company and the Underwriters, in each case provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction and that the Company will not be or become subject to any continuous disclosure obligations in such jurisdiction. The Base Prospectus and, once filed, the Supplement can be found on SED...

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