Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced that it has increased the size of its previously announced non-brokered private placement following strong investor demand.
The offering has been upsized from 3,333,333 units to 6,666,666 units, priced at C$0.30 per unit, for total gross proceeds of C$2 million.
Each unit includes one common share and one transferable share purchase warrant. Each warrant entitles the holder to acquire an additional common share at C$0.40 for a period of 36 months from issuance.
Arizona Gold & Silver said the proceeds from the financing will be directed toward exploration activities and general working capital.
All securities issued under the financing will be subject to a four-month-plus-one-day hold period. The company noted that finders’ fees may be paid in cash or warrants, subject to regulatory approval.