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Amarillo Gold Corp
Symbol C : AGC
Shares Issued 140,838,158
Close 2019-08-08 C$ 0.245
Recent Sedar Documents

Amarillo Gold increases bought deal financing to $8.7M

2019-08-08 15:50 ET - News Release

Mr. Mike Mutchler reports

AMARILLO ANNOUNCES UPSIZE OF ITS PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT FINANCING TO $8.7 MILLION

Amarillo Gold Corp. has entered into a revised agreement with Mackie Research Capital Corp. as sole underwriter and sole bookrunner to increase the size of the previously announced bought deal private placement offering of units of Amarillo at a price of 20 cents per unit to $8.7-million in aggregate gross proceeds, including the increase of $1.7-million in the offering and the exercise of the upsized offering (as defined herein).

The company is pleased to announce that the underwriter has exercised the option to upsize the offering to purchase, as principal on a bought deal, private placement basis for additional gross proceeds to the company of $2-million. The offering and the upsized offering shall herein collectively be referred to as the offering.

The company has also granted the underwriter an option to increase the size of the offering by up to an additional 15 per cent of the total number of units to be issued under the offering, including in respect of the exercise of the upsized offering, at any time on or before 48 hours prior to closing.

In the event that the upsized offering and underwriter's option is exercised in full, the aggregate gross proceeds of the offering to the company will be approximately $10-million.

The offering is scheduled to close on or about the week of Aug. 29, 2019, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The units to be issued under the offering will have a hold period of four months and one day from closing.

The company intends to use the net proceeds from the offering for advancing the company's mineral exploration and development projects and for general corporate purposes.

About Amarillo Gold Corp.

Amarillo is developing an open-pit gold resource at its Mara Rosa project in the mining-friendly jurisdiction of Goias state in Brazil. The Mara Rosa project was awarded its main permit, which provides the social and environment permission to mine. Amarillo is progressing toward obtaining an installation permit. Based on the NI 43-101 prefeasibility study 2018 update filed on SEDAR on Sept. 13, 2018, the Posse deposit at the Mara Rosa project contains estimated 513,000 ounces of gold in the proven category from 9.6 million tonnes at 1.65 grams per tonne gold and 574,000 ounces gold in the probable category from 14.2 million tonnes at 1.26 grams per tonne, for total estimated reserves of 1,087,000 ounces from 23.8 million tonnes at 1.42 grams per tonne gold.

Mike Mutchler, president and chief executive officer of the company, is a qualified person as defined by NI 43-101 guidelines and has reviewed and approved the scientific and technical disclosure relating to the PFS in this section of the news release.

We seek Safe Harbor.

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