Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced a non-brokered private placement of up to 3.33 million units, at a price of C$0.30 per unit, for gross proceeds of up to C$1 million.
Each unit will include one common share and one common share purchase warrant. Each warrant will allow the holder to acquire one additional common share at a price of C$0.40 for a period of three years following the closing of the placement.
The company may pay finders’ fees to eligible parties in cash or in finders’ warrants, which will carry the same terms as the warrants issued under the placement.
Proceeds from the offering are intended for exploration and drilling at the company’s Philadelphia property in Mohave County, Arizona, for advancement of other projects, and for general working capital.
All securities issued will be subject to a statutory hold period of four months and one day from the date of issuance, in line with applicable securities laws. The placement remains subject to regulatory approvals.