Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has closed an oversubscribed non-brokered private placement, raising approximately C$2 million.
The company issued about 6.7 million units at C$0.30 per unit. Each unit consists of one common share and one transferable warrant, with each warrant exercisable at C$0.40 for three years.
Proceeds will be directed toward exploration at the company’s Philadelphia Property in Mohave County, Arizona, as well as for general working capital.
As part of the financing, Arizona Gold paid finders’ fees totaling roughly C$26,000 in cash, along with about 267,000 shares and 27,000 finder’s warrants. Each finder’s warrant is exercisable at C$0.40 for three years.
The placement and associated fees remain subject to regulatory approval.