Mr. Paul Ireland reports
ARIZONA MINING ANNOUNCES $2.8 MILLION PRIVATE PLACEMENT
Arizona Mining Inc. has arranged a non-brokered private placement for a total of 6.7 million units at a price of 42 cents per unit for gross proceeds of $2.8-million. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant is convertible into one common share of the company at a price of 60 cents for a period of 18 months from closing.
Proceeds from the financing will be used to initiate an aggressive drill campaign to expand the Taylor deposit, including the 300 acres of newly acquired patented mining claims and targets on the unpatented mining claims, and for general working capital purposes. Closing of the private placement is subject to regulatory approval.
Jim Gowans, Arizona Mining's president and chief executive officer, commented: "This funding will enable the company to immediately begin drilling on its patented mining claims to test the expansion potential of the Taylor deposit. The unexplored potential strike length to the northwest is over two times that of the existing resource. The next few quarters will undoubtedly be a very exciting time for the company and our shareholders."
We seek Safe Harbor.
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