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Argonaut Gold Inc
Symbol AR
Shares Issued 799,670,537
Close 2022-11-08 C$ 0.41
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Argonaut Gold arranges $15-million bought deal

2022-11-09 11:09 ET - News Release

An anonymous director reports

ARGONAUT GOLD ANNOUNCES $15 MILLION BOUGHT DEAL PUBLIC OFFERING OF FLOW-THROUGH SHARES

Argonaut Gold Inc. has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc., pursuant to which the underwriters have agreed to purchase for resale, on a bought deal basis, 31.25 million common shares of the company to be issued as flow-through shares with respect to Canadian development expenses (within the meaning of the Income Tax Act (Canada) and the regulations thereunder in force as of the date hereof) at a price of 48 cents per CDE flow-through share for gross proceeds of $15-million.

The underwriters have also been granted an option, exercisable in whole or in part up to 48 hours prior to the closing of the offering, to sell up to that number of additional CDE flow-through shares, at the CDE offering price, equal to 15 per cent of the number of CDE flow-through shares issued pursuant to the offering.

The proceeds from the sale of the CDE flow-through shares will be used on development expenses on the Magino project, as permitted under the Income Tax Act (Canada) to qualify as CDE. The company will renounce all such CDE in favour of the subscribers of the CDE flow-through shares, effective on or before May 31, 2023.

The CDE flow-through shares will be offered by way of a prospectus supplement to the company's short form base shelf prospectus dated June 2, 2022, to be filed in all provinces and territories of Canada (other than the province of Quebec), and some may be resold in the United States, pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada and the United States as agreed to by the company, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

Closing is expected on or about Nov. 17, 2022, and is subject to Toronto Stock Exchange and other necessary regulatory approvals.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and the San Agustin mine, which together form the El Castillo complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico, and the Florida Canyon mine in Nevada, United States. The company also holds the construction-stage Magino project, the advanced-exploration-stage Cerro del Gallo project and several other exploration-stage projects, all of which are located in North America.

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