Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has successfully closed an oversubscribed non-brokered private placement, raising gross proceeds of C$4,627,527.10 through the issuance of,425,090 units at C$0.30 per unit.
Each unit comprised one share and one transferable share purchase warrant, exercisable at C$0.40 per share for three years.
CEO Mike Stark expressed gratitude to both existing shareholders and new investors, with notable participation from Sprott and Rick Rule.
Company insiders subscribed to 174,000 units.
The proceeds from the private placement will be used for the exploration of the Philadelphia Property in Mohave County and general working capital.