Aya Gold to generate US $ 67M in gross proceeds for operations in Morocco
Aya Gold & Silver is set to receive gross proceeds of US $67million from agreements sealed with a number of partners.
The proceeds will be as a result of the firm purchasing 6,586,000 common shares at $10.25 per share. The agreement grants the buyers the option to purchase up to an additional 15% of the shares at the same price, potentially raising an additional $10,125,975. If fully exercised, this could result in aggregate proceeds of approximately $77,632,475. The offering is scheduled to close around February 14, subject to certain conditions including regulatory approvals, notably from the Toronto Stock Exchange.
Exploration
The company plans to use the net proceeds from the offering primarily to support its exploration and development programs at Boumadine and the Zgounder Regional, as well as for general corporate purposes and working capital.
Benoit La Salle, the President and CEO of Aya Gold & Silver, expressed confidence in the company’s growth prospects and highlighted the focus on sustainable mining practices and long-term shareholder value creation. “This financing underscores our confidence in Aya’s growth prospects, as the use of these funds will primarily support our exploration and development efforts,” said La Salle.
Earlier in the month, the company announced record-breaking silver production of 1.9 million ounces at its Moroccan Zgounder Silver Mine in 2023, surpassing production guidance. In the fourth quarter of 2023, over 450,000 ounces of silver were produced, and over 66,000 tonnes of ore were processed at a head grade of 239 grams per tonne of silver.
