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Arizona Gold & Silver Inc
Symbol AZS
Shares Issued 71,631,745
Close 2024-02-22 C$ 0.33
Market Cap C$ 23,638,476
Recent Sedar Documents

Arizona Gold & Silver arranges $1-million financing

2024-02-22 14:41 ET - News Release

Mr. Mike Stark reports

ARIZONA GOLD & SILVER INC. ANNOUNCES EQUITY FINANCING

Arizona Gold & Silver Inc. has arranged a non-brokered private placement offering of up to 2,222,222 units at a price of 30 cents per unit for gross proceeds of up to $1-million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of 45 cents for two years following the closing of the private placement.

The company may pay finders' fees to eligible finders for services in connection with the private placement in cash or warrants exercisable into shares. The terms of the finder warrants will be the same terms as the warrants pursuant to the private placement.

All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. The closing of the private placement is subject to the receipt of all necessary regulatory approvals.

The company plans to use the proceeds of the private placement for further exploration of the Philadelphia property in Mohave county, Arizona; the advancement of other company projects; as well as for general working capital purposes.

To demonstrate continued support of the company's growth plans, certain insiders of the company will participate in the private placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The related party transaction will be exempt from minority approval and valuation requirements pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the securities to be issued under the private placement nor the consideration to be paid by the insiders will exceed 25 per cent of the company's market capitalization.

About Arizona Gold & Silver Inc.

Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia gold-silver property, where the company is drilling off an epithermal gold-silver system.

We seek Safe Harbor.

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