Non-brokered deal funds expansion of metals explorer’s Taylor Deposit
By Devika Patel
Knoxville, Tenn., March 3 – Arizona Mining Inc. said it settled a C$2.55 million non-brokered private placement of units. The deal priced for C$2.81 million on Feb. 22.
The company sold 6.07 million units of one common share and one half-share warrant at C$0.42 per unit.
Each whole warrant will be exercisable at C$0.60 for 18 months. The strike price represents a 36.36% premium to the Feb. 19 closing share price of C$0.44.
Proceeds will be used to begin an aggressive drill campaign to expand the Taylor Deposit and for general working capital purposes.
“This funding will enable the company to immediately begin drilling on its patented mining claims to test the expansion potential of the Taylor Deposit,” president and chief executive officer Jim Gowans said in a press release at pricing. “The unexplored potential strike length to the north-west is over two times that of the existing resource.
“The next few quarters will undoubtedly be a very exciting time for the company and our shareholders.”
The Vancouver, B.C., company explores for lead, zinc and silver.
| Issuer: | Arizona Mining Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,549,400
|
| Units: | 6.07 million
|
| Price: | C$0.42
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 3
|
| Stock symbol: | Toronto: AZ
|
| Stock price: | C$0.44 at close Feb. 19
|
| Market capitalization: | C$60.39 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
