Aya Gold & Silver Company raises $70 Mln for its projects in Morocco

Canadian company Aya Gold & Silver has raised $70 million for the development of its Moroccan Boumadine and Zgounder mining projects, near Ouarzazate.

On Tuesday, Aya firm announced it has agreed to sell 8,485,000 common shares to Eight Capital and Desjardins Capital Markets, as joint bookrunners and co-lead underwriters, together with a syndicate of underwriters.

The company will use the net proceeds 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 transaction is expected to be approved by the Toronto Stock Exchange and other regulatory authorities in the provinces of Canada and the Underwriters.
Aya Gold & Silver Inc. is a rapidly growing silver producer with operations in Morocco. It operates the high-grade Zgounder silver mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.