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Arizona Silver Exploration Announces Closing of First Tranche of Financing
(via TheNewswire) Vancouver, British Columbia - TheNewswire - March 3, 20...
About this update from Arizona Gold & Silver Inc.
[{"type":"text","content":"Arizona Silver Exploration Announces Closing of First Tranche of Financing(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - March 3, 2020 - Arizona Silver Exploration. (TSXV:AZS) (OTC:AZASF) is pleased to announce that it has closed the first tranche (the \"First Tranche\") of the non-brokered private placement previously announced on February 28, 2020 (the \"Private Placement\") issuing 6,580,400 units (the \"Units) at a price of CAN$0.15 per Unit, for gross proceeds of C$ 987,060.00 to date. There were no brokers shares or fees payable upon close the Private Placement.\n\n\n \nDetails of the Private Placement\n\n\n \nThe private placement will be comprised of up to 7,333,333 units of the Company (the \"Units \") at a price of CAD$0.15 per Unit for total proceeds of up to CAD$1,100,000. Each Unit will consist of one common share of the Company and one half of one transferable common share purchase warrant (each, a \"Warrant \"). Each whole Warrant is exercisable at a price of CAD$0.22 per share for a period of five years from closing of the private placement, provided that the closing price of the Company's common shares on the TSX Venture Exchange is CAD$0.52 or greater per common share during a 10 consecutive trading day period. 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 warrant holders. The warrant holders will have no further rights to acquire any common shares of the Company under the Warrant. Due to expected lab results in the near future, the Company will close the financing in the coming days.\n\n\n \nBrady Stiles, a director and insider of the Company subscribed for a total of 5,433,067 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 Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX V...