Aya Gold Nears $67 Million Funding Deal to Propel Moroccan Mining Ventures
Canadian mining powerhouse, Aya Gold & Silver, stands on the brink of securing a substantial infusion of capital to drive its Moroccan operations to new heights.
On Tuesday, the company unveiled a pivotal agreement with multiple partners for the acquisition of 6.6 million common shares at $10.25 per share, yielding a staggering $67.5 million in gross proceeds. Additionally, the deal allows for the potential purchase of an additional 15% of shares, potentially adding another $10 million to the coffers.
“This financing underscores our confidence in Aya’s growth prospects, as the use of these funds will primarily support our exploration and development efforts,” stated President and CEO Benoit La Salle, underlining the company’s dedication to sustainable practices and long-term value creation.
The freshly secured capital infusion is earmarked to propel projects at Aya’s Boumadine site and Zgounder silver mine, while also beefing up working capital, the company revealed. Notably, both sites have recently showcased promising results.
Zgounder, in particular, demonstrated exceptional performance this month by achieving a record 1.9 million ounces of silver production in 2023, surpassing set targets. The momentum continued to surge throughout the year, culminating in over 450,000 ounces processed in the fourth quarter alone, buoyed by high ore grades.
While regulatory approvals are still pending for the share purchase agreement's finalization, Aya remains optimistic about closing the deal around February 14th. This anticipated development is poised to pave the way for intensified activities across its Moroccan ventures.
Against the backdrop of robust commodity prices and Aya’s ongoing efforts to unlock Zgounder’s potential through exploration, the influx of substantial funding arrives at an opportune moment to sustain the company’s upward trajectory. Shareholders are hopeful that this resounding vote of confidence from new investors will translate into enhanced value.
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