Non-brokered deal funds exploration, drilling of company's properties
By Devika Patel
Knoxville, Tenn., May 24 - Argentum Silver Corp. said it concluded the first tranche of a C$5.25 million non-brokered private placement of units, raising C$3.58 million. The deal priced April 25.
The company is selling 15 million units of one common share and one half-share warrant at C$0.35 per unit. It sold 10,224,542 units in the initial tranche.
Each whole warrant will be exercisable at C$0.50 until May 20, 2012. The strike price is a 42.86% premium to C$0.35, the April 21 closing share price.
Proceeds will be used for exploration and drilling programs at the Lachiguiri property and the Coyote and Victoria properties.
Argentum is a silver explorer in Vancouver, B.C.
Issuer: | Argentum Silver Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$5.25 million
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Units: | 15 million
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Price: | C$0.35
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Warrants: | One half-share warrant per unit
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Warrant expiration: | May 20, 2012
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Warrant strike price: | C$0.50
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Agent: | Non-brokered
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Pricing date: | April 25
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Settlement date: | May 24 (for C$3,578,590)
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Stock symbol: | TSX Venture: ASL
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Stock price: | C$0.35 at close April 21
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Market capitalization: | C$1.33 million
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