Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has announced a non-brokered private placement raising up to $3 million by issuing up to 10 million units at $0.30, which is being led by Sprott Group.
Proceeds from the fundraising will be used for further drilling and exploration at the company’s Philadelphia project in Mohave County, Arizona, advancement of its other projects and for general working capital purposes.
Each unit will consist of a share and a share purchase warrant entitling the holder to purchase a share at $0.40 for three years from closing.
Per the terms of the financing, Sprott Global Resource has agreed to act as finders, with a lead order of $850,000 from a single US fund.
“We feel very fortunate to have Sprott take the lead on this financing. Sprott recognizes the success and growing potential of Arizona’s Philadelphia project” Arizona Gold & Silver CEO Mike Stark commented.