Arizona Silver Exploration Inc (CVE:AZS, OTCQB:AZASF) has closed a non-brokered private placing, raising gross proceeds of $231,846.
The company plans to use the proceeds for further exploration at its Ramsey silver mine in La Paz county and the Sycamore Canyon property in Graham county, both in Arizona, and for general working capital.
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The mining group issued more than 2.8 million shares at $0.08 each.
Greg Hahn, president, CEO and director, subscribed for 375,000 shares, Mike Stark, chairman and director subscribed for 375,000 shares, Dong H. Shim, CFO subscribed for 137,500 shares, and director Scott Hean subscribed for 500,000 shares.
Insiders of the firm thus subscribed for a total of more than 1.38 million shares.
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