Arizona Silver Exploration Inc said it had closed a previously announced fully subscribed private placing, raising C$945,000 for further exploration drilling at its Philadelphia property in Arizona and to advance its other projects.
The explorer issued 4.5 million units at C$0.21 each for gross proceeds of C$945,000. Each unit consists of one share and one half of a share purchase warrant.
Each whole warrant will entitle the holder to buy an additional share at an exercise price per warrant share of C$0.30 for five years from closing.
READ: Arizona Silver releases ‘good gold grades’ from undrilled segment of the Philadelphia vein
That's provided that the closing price of the shares is C$0.45 or greater for ten consecutive days. Warrants will expire at 4pm (Vancouver time) on the 30th day after the date on which the company provides notice of such accelerated expiry to the warrant holders.
The junior resource firm owns gold-silver projects in western Arizona and Nevada.
Contact the writer at giles@proactiveinvestors.com