Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) said it has repriced its previously announced private placing to raise funds for further exploration of the Philadelphia property and the Ramsey silver mine, both in Arizona.
Philadelphia is in Mohave county, while the Ramsey silver project is in La Paz county.
In a statement, the company said it will issue up to seven million units at C$0.10 each for gross proceeds of C$700,000.
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Each unit consists of one company share and one-half of one transferable share purchase warrant, with each whole warrant exercisable at C$0.15 each for two years from closing.
However, if the closing price of the company's shares on the TSX Venture Exchange is C$0.35 or greater per share during any 10-consecutive-trading-day period, the warrants will expire at 4 pm (Vancouver time) on the 30th day after the date on which the company provides notice of such accelerated expiry to the warrant holders, and the warrant holders will have no further rights to acquire any shares of the company under the warrant.
The funds will also be used for general working capital purposes.