Argo Gold Inc. (CSE: ARQ) is pleased to announce that it has closed its previously announced non-brokered private placement of 11,200,000 units at a price of $0.09 per Unit for gross proceeds of $1,008,000.
Each Unit consists of one common share of the Company and one common share purchase warrant with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.12 for a period of thirty-six months. All securities issued under the Offering are subject to a four-month and one day statutory hold period.
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 11,200,000 Units for a total consideration of $1,008,000. Following the completion of the private placement, Mr. Sprott beneficially owns and controls 11,200,000 Common Shares and 11,200,000 Warrants of the Company representing approximately 22.2% of the issued and outstanding Common Shares of the Company on a non-diluted basis and approximately 36.4% of the issued and outstanding Common Shares on a partially diluted basis. Prior to the Offering, Mr. Sprott did not beneficially own or control any securities of the Company. The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Argo Gold including on the open market or through private acquisitions or sell securities of Argo Gold including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Mr. Sprott’s early warning report will appear on Argo Gold’s profile on SEDAR and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J2).
About Argo Gold Inc.
Argo Gold is a Canadian mineral exploration and development company, focused on gold exploration projects in central and northwestern Ontario. Argo Gold’s flagship Uchi Gold Project is comprised of 22 km2 of multiple mineralized trends and widespread gold mineralization. High grade gold intercepts from the Company’s winter 2019 drilling program include 132 g/t Au over 1.8 metres at the Woco Vein. All of the Company’s projects are 100% owned and have the potential for economic mineralization.
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We acknowledge the [financial] support of the Government of Canada.