Arizona Silver Exploration Inc (CVE:AZS, OTCQB:AZASF) said today it is proceeding with its non-brokered private placing of up to 3.4mln shares at C$0.13 a share for gross proceeds of up to C$442,000.
The company said it will use the funds for further exploration of the Ramsey silver mine in La Paz county and Sycamore Canyon property in Graham county, both in Arizona, and for general working capital purposes.
The company said all funds will be subject to a four-month hold period and are subject to TSX Venture Exchange approval.
Shares of Arizona Silver were flat at C$0.11 on Monday.