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Vizsla Resources plans IPO on TSX Venture Exchange

Vizsla Resources Corp filed a preliminary prospectus May 30 for an initial public offering targeting C$800,000 in gross proceeds, aiming to list on the TSX Venture Exchange.

The offering will comprise 4,333,333 common shares at 15 cents apiece and 750,000 flow-through common shares at 20 cents apiece, with Haywood Securities Inc. serving as agent, and expires within 90 days.

Vizsla Resources is planning to use C$240,000 of the proceeds for a phase-one exploration program at its Kathleen Mountain project, with another C$65,000 slated for option payments over a 12-month period and C$292,007 going toward working capital.

The company entered an option agreement in October 2017 to acquire the Kathleen Mountain property, comprising four mineral claims covering 2,254.87 hectares in southern British Columbia, from Platinum Belt Resources Inc.

The Kathleen Mountain, Golden Bear, Golden Bear Cub and Mag 2 claims host copper, gold, silver and molybdenum porphyry mineralization, according to a technical report prepared for Vizsla Resources in early April.

Vizsla Resources completed an airborne geophysical survey in early 2018, which defined a 14-square-kilometer target area. Previous exploration includes 822 meters of diamond drilling completed from 1975 to 2000.

The planned phase-one exploration program will include ground-based geophysical surveys along with geochemical sampling and mapping, with phase-two efforts expected to include drilling.

The company was incorporated as Vizsla Capital Corp. in late September 2017 and changed its name to Vizsla Resources Corp. in early March. Michael Konnert, president and CEO of Vizsla, also serves as a director of Blackstone Minerals Ltd.