08:08 AM EDT, 03/27/2024 (MT Newswires) -- Vizsla Silver Corp. ( VZLA ) said Wednesday that it executed an agreement with Vizsla Royalties Corp. to reorganize the company's business into two companies.

Under the terms, Vizsla Silver ( VZLA ) shareholders will receive one-third of a Vizsla Royalties share and one-third of a Vizsla Royalties warrant for each Vizsla share held.

Vizsla Silver's ( VZLA ) board unanimously determined that the arrangement is fair to shareholders and is in the best interests of the company.

The company also said it has filed a prospectus supplement for an at-the-market equity program of up to $50 million.

Vizsla Silver ( VZLA ) said the program will provide the company with additional financing flexibility should it be required in the future.

Vizsla Silver ( VZLA ) is advancing the Panuco silver-gold project in Mexico.

The company lost 1.2% yesterday.