Vizsla Silver (VZLA) said Friday it secured a commitment of up to $220 million to fund the construction and development of the underground Panuco silver-gold project in Sinaloa, Mexico.

A syndicate of banks will arrange the facility, with Macquarie Bank retaining a 70% interest and managing syndication of the remaining 30%, Vizsla said.

The company may draw an initial $25 million early-drawdown tranche down from the facility. The rest of the facility is subject to certain conditions, Vizsla said.

The company's shares were up 1.4% in recent premarket activity.