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Arizona Metals Announces Upsized Bought Deal Private Placement Offering of up to Approximately $6.05 Million
Arizona Metals Announces Upsized Bought Deal Private Placement Offering of up to Approxima...
About this update from Arizona Metals Corp
[{"type":"text","content":"\n\n\n\nArizona Metals Announces Upsized Bought Deal Private Placement Offering of up to Approximately $6.05 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 13, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n TORONTO, May 13, 2020 /CNW/ - Arizona Metals Corp. (TSXV: AMC) (the \"Company\" or \"Arizona Metals\") is pleased to announce that in connection with the previously announced bought deal private placement, the Company, Stifel GMP and Canaccord Genuity Corp. (collectively, the \"Underwriters\") have agreed to upsize the Underwriters' Option to up to 4,650,000 Units. \nThe Underwriters have agreed to purchase on their own behalf, 4,650,000 units of the Company (the \"Units\") at a price of $0.65 per Unit (the \"Offering Price\") for gross proceeds to the Company of $3,022,500 (the \"Offering\"). Each Unit shall consist of one (1) common share (\"Common Share\") and one-half (0.5) of a common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.85 for a period of 18 months following the Closing Date (as defined below). Additionally, the Company will grant the Underwriters an option (the \"Underwriters' Option\") to purchase up to an additional 4,650,000 Units at the Offering Price exercisable, in whole or in part, at any time and from time to time on or prior to the date that is 5 days prior to the Closing Date. In the event that the Underwriters' Option is exercised in full, the gross proceeds from the Offering will be $6,045,000.\nThe completion of the Offering shall be subject to, among other things, the receipt of all necessary regulatory and stock exchange approvals relating to the Offering as are appropriate in the circumstances, including the approval of the TSX Venture Exchange (the \"TSXV\") pr...