Fortuna Announces Pricing of Convertible Senior Notes

Source: wallstreet:online

VANCOUVER, British Columbia, June 05, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (TSX: FVI) (NYSE: FSM) ("Fortuna" or the "Company") announces that it has priced its previously announced offering of convertible senior notes due 2029 (the "Notes") in an aggregate principal amount of US$150 million (the "Offering"). The Company has granted the initial purchasers of the Notes an option for a period of 15 days to purchase up to an additional US$22.5 million aggregate principal amount of Notes. The Notes will be issued at par value.

The Notes will bear cash interest semi-annually at a rate of 3.75% per annum. The initial conversion rate for the Notes will be 151.7220 common shares of Fortuna ("Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$6.59 per Share. The initial conversion rate represents a premium of approximately 30% relative to today's closing sale price of the Shares and is subject to adjustment in certain events.