Business
Arizona Silver Announces Closing of Non-Brokered Private Placement
(via TheNewswire) Vancouver, British Columbia - TheNewswire - January 3, ...
About this update from Arizona Gold & Silver Inc.
[{"type":"text","content":"Arizona Silver Announces Closing of Non-Brokered Private Placement(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - January 3, 2020 - Arizona Silver Exploration Inc. (the \"Company\" or \"Arizona Silver\") (TSXV:AZS) (OTC:AZASF) is pleased to announce that it has closed a non-brokered private placement (the \"Private Placement\") of 6,827,617 units (the \"Units\") at a price of $0.10 per Unit raising total gross proceeds of $682,762.\n\n\n \nEach Unit will consist of one common share (the \"Shares\") of the Company and one-half of one transferable common share purchase warrant (each, a \"Warrant\") with each whole Warrant exercisable at a price of $0.15 per Share for a period of two years from closing of the Private Placement, provided that in the event that the closing price of the Company's Shares on the TSX Venture Exchange is $0.35 or greater per Share during any 10 consecutive trading day period the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the warrantholders, and the warrantholders will have no further rights to acquire any Shares of the Company under the Warrant.\n\n\n \nInsiders of the Company subscribed for a total of 1,738,671 Units, with Mike Stark, President, CEO and a director of the Company, subscribing for 400,000 Units, Greg Hahn, VP Exploration and a director of the Company, subscribing for 510,171 Units; Brady Stiles, a director of the Company subscribing for 657,500 Units and Dong H. Shim, CFO of the Company, subscribing for 171,000 Units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\")). The Company relied upon the \"Issuer Not Listed on Specified Markets\" and \"Fair Market Value Not More Than $2,500,000\" exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.\n\n\n \nThe Company plans to use the proceeds of the Private Placement for further exploration of the Philadelphia Property in Mohave County and the Ramsey silver mine in La Paz County, both in the state of Arizona, USA, and for general working capital purposes.\n\n\n \nAll securities issued are subject to a four-month hold ...