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Arizona Gold & Silver Announces Over-Allotment to Oversubscribed Private Placement

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Arizona Gold & Silver Announces Over-Allotment to Oversubscribed Private Placement






Arizona Gold & Silver  Inc.   (TSX-V: AZS)  (OTCQB:AZASF) The Company is pleased to announce that due to investor demand, the size of its non-brokered private placement previously announced on February 22, 2024 has been increased to 5,841,797 units from 3,333,333 Units of the Company at a price of CAD$0.30 with total proceeds of CAD$1,748,489.21.  Each Unit will consist of one common share and one transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of 24 months from the date of issue at an exercise price of CAD$0.45 per Warrant Share.


It is expected that certain directors and officers of the company will participate in the private placement and are related parties within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators. The participation of certain directors and officers in the private placement will constitute a related party transaction under MI 61-101. The company intends to rely upon exemptions from the formal valuation and minority approval requirements of MI 61-101.


All securities issued under the private placement will be subject to a hold period of four months and one day from the closing date. The Company may pay finders’ fees in cash. The private placement and finders’ fees are subject to regulatory approval.


Net proceeds of the private placement will be used for project exploration and general working capital purposes.


About Arizona Gold & Silver Inc.


Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia gold-silver property where the Company is drilling off an epithermal gold-silver system.


Posted April 1, 2024

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