Arizona Gold & Silver Inc (TSX-V:AZS) has successfully wrapped up a non-brokered private placement, raising nearly $1.6 million in funds.
The private placement, initially disclosed on March 28, 2024, saw the issuance of 5,328,297 units at a price of $0.30 per unit, resulting in total gross proceeds of C$1,598,489.21.
Each unit comprises one share of Arizona Gold & Silver Inc (TSX-V:AZS) and one warrant allowing the holder to purchase one common share at a price of $0.45 per share for a period of two years from the closing date of the private placement.
Insiders of Arizona Gold & Silver Inc (TSX-V:AZS). participated in the private placement, acquiring a total of 878,088 units.
Arizona Gold & Silver said it plans to allocate the proceeds from the private placement towards further exploration efforts at the Philadelphia property, situated in Mohave County, Arizona. Additional funds will support the general working capital needs of the company.
The Philadelphia Property represents a key exploration asset for Arizona Gold & Silver, offering significant potential within the prolific mining jurisdiction of Mohave County.