Fortuna Silver announces US$65mn bought deal financing
PRESS RELEASE
Fortuna Silver Mines Inc. (FSM)(FVI.TO) ("Fortuna" or the "Company") announces that it has entered into an agreement with a syndicate of underwriters, co-led by Raymond James Ltd., BMO Capital Markets and Scotia Capital Inc. (together the "Underwriters"), pursuant to which the Underwriters have agreed to buy on a bought deal basis, 10,325,000 common shares of the Company (the "Common Shares") at a price of US$6.30 per Common Share, for total gross proceeds of approximately US$65.0 million (the "Offering"). The Company has also granted to the Underwriters an over-allotment option (the "Over-Allotment Option") to purchase up to 1,548,750 additional Common Shares (the "Over-Allotment Shares", and together with the Common Shares, the "Offered Shares"). The Over-Allotment Option will be exercisable for a period of 30 days following closing of the Offering.
The Company has filed a preliminary short form prospectus dated January 23, 2017 (the "Preliminary Prospectus") with the securities regulatory authorities in each of the provinces of Canada. The Preliminary Prospectus will also be filed with the U.S. Securities and Exchange Commission (the "SEC") as part of a registration statement on Form F-10 (the "Registration Statement") in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.
The Company intends that the net proceeds of the Offering will be used for general working capital purposes.
The Offering is expected to close on or about February 9, 2017, subject to customary closing conditions and receipt of all necessary approvals, including approval of the Toronto Stock Exchange and the New York Stock Exchange.
The Registration Statement has been filed with the SEC but has not yet become effective. The Offered Shares may not be sold nor may offers to buy be accepted in the United States prior to the time the Registration Statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Offered Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Before you invest, you should read the Preliminary Prospectus included in the Registration Statement and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov or on the SEDAR website at www.sedar.com. Alternatively, the Company, any Underwriter or any dealer participating in the Offering will arrange to send you a written Preliminary Prospectus (and any amendments thereto) or you may request such documents from Sally Whittall, Corporate Secretary of Fortuna Silver Mines, at Suite 650, 200 Burrard Street, Vancouver, Canada, V6C 3L6, telephone (604) 484-4085.
About Fortuna Silver Mines Inc.
Fortuna is a growth oriented, precious metal producer focused on mining opportunities in Latin America. The Company's primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold project in Argentina. The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas.
The Toronto Stock Exchange and the New York Stock Exchange have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
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