Further to a bulletin issued earlier today, the Toronto Stock Exchange reports that Argonaut Gold Inc.'s 4.625 per cent convertible senior unsecured debentures will be listed at 5:01 p.m. on Oct. 29, 2020, for trading at the open on Oct. 30, 2020. According to the TSX, the debentures began trading on an if, as and when-issued basis on Oct. 28, 2020. Subject to the $50-million (U.S.) public offering of such debentures closing before the open on Oct. 30, 2020: (i) trading on an if, as and when-issued basis will terminate at the close on Oct. 29, 2020; and (ii) the debentures will begin trading at the open on Oct. 30, 2020, on a regular settlement basis under the current symbol (AR.DB.U) and current Cusip number (No. 04016A AA 9).

As stated in the final short form prospectus dated Oct. 27, 2020, the debentures will mature on Nov. 30, 2025, and will bear interest at 4.625 per cent per year. Assuming the offering closes on Oct. 30, 2020, the initial interest payment of $26.98 (U.S.) per $1,000 (U.S.) principal amount will be made on May 31, 2021.

According to the TSX, the holders of the debentures will have the option to convert the debentures into common shares of the company at $2.86 (U.S.) per share, at any time prior to the close of business on the earliest of: (i) the business day immediately preceding the maturity date; (ii) if called for redemption, the business day immediately preceding the date fixed for redemption; or (iii) if called for repurchase pursuant to a change of control (as defined in the prospectus), the business day immediately preceding the payment date. This conversion price represents a conversion rate of 350.1155 common shares per $1,000 principal amount of debentures.