The previously oversubscribed private placement is oversubscribed yet again. This is a strong sign of investor interest in the company.

The financing is now 5,841,797 units (from 3,333,333) and will raise C$1,748,489.21.

I’ll also point out there was heavy insider participation. Both CEO Mike Stark and VP-Exploration Greg Hahn invested $100,000 of their own money in the placement (on top of what they’ve already invested), and other members of management also participated. This is exactly what we like to see and is a basic tenant of (PAYDIRT readers see Participation Partners starting page 80).

Management also mentioned to me that there are some brand new investors, including a new fund (unnamed). Interest is growing in the still relatively unknown gold and silver explorer.

The dilution amounts to 8.1%, and the raise comes with a full warrant at C$.45 for two years.

This gives the company the financial firepower to begin a drill program. As a reminder, the company is already permitted for the RC drill program and hopes to hear from the BLM this week on the diamond drill permit for that part of the property. Drilling should get underway soon, which means we should start seeing assay results by July.

By the way, here’s a good interview of Greg Hahn, very worthwhile watching.

The stock is up on the news, on a flat day for gold. 2024 promises to be an exciting year for Arizona Gold & Silver. I remain long the stock; if you like this story like me there’s still a sale on the stock; it’s coming off its 52-week low and still 40% below its price last December.

Courtesy of the Gold Advisor