Arizona Silver Exploration Inc said it has closed its previously announced non-brokered private placement for gross proceeds of C$1,122,815.
The proceeds of the private placement will be used for further exploration of the Philadelphia gold-silver property in Mohave County, Arizona, the advancement of other company projects, and for general working capital purposes, Arizona Silver said.
The company said it issued 4,491,260 units at a price of C$0.25 per unit. Each unit comprised one share and half of a transferable share purchase warrant.
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Each whole warrant will entitle the holder to purchase for a period of five years from the date of close an additional share for C$0.40, provided the closing price of the company’s shares is C$0.48 or greater per share during a 10 consecutive trading day period.
Warrants will expire at 4 pm Pacific Time on the 30th day after the date on which the company provides notice of such accelerated expiry to the warrant holders, it noted.
Arizona Silver CEO Mike Start commented: “I’m pleased to inform our shareholders our Institutional fund has maintained his 9.9% buy taking part in the offering, we are pleased to see they have the same vision as management on our Philadelphia property.”
Arizona Silver is engaged in junior mining exploration primarily in the western United States.
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