Arizona Metals Corp Announces Closing of Bought Deal Public Offering

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[{"type":"text","content":"Arizona Metals Corp Announces Closing of Bought Deal Public OfferingToronto, Ontario--(Newsfile Corp. - November 12, 2021) - Arizona Metals Corp. (TSXV: AMC) (the \"Company\" or \"Arizona Metals\") is pleased to announce that it has closed its previously announced bought deal public offering of 11,725,000 common shares (\"Common Shares\") of the Company at a price of C$4.25 per Common Share (the \"Offering Price\"), consisting of 8,625,000 Common Shares issued from treasury for gross proceeds to the Company of C$36,656,250, which includes the full exercise of the over-allotment option by the underwriters (the \"Treasury Offering\"), and 3,100,000 Common Shares sold by certain existing shareholders for gross proceeds of C$13,175,000 (the \"Secondary Offering\" and together with the Treasury Offering, the \"Offering\"). The Offering was conducted by a syndicate of underwriters co-led by Stifel GMP and Clarus Securities Inc. and included Beacon Securities Limited (the \"Underwriters\").In connection with the Offering, the Underwriters received: (i) a cash commission of 6.0% of the gross proceeds of the Offering, excluding gross proceeds from the sale of Common Shares on a president's list agreed upon by the Company and the Underwriters (the \"President's List\"), for which a commission of 3.0% of such gross proceeds was paid by the Company to the Underwriters; and (ii) 258,750 non-transferable compensation options (the \"Compensation Options\"), being equal to 3.0% of the aggregate number of Common Shares sold under the Treasury Offering. Each Compensation Option is exercisable into one Common Share of the Company at a price of $4.25 per Common Share until November 12, 2022.Proceeds from the Treasury Offering will be used primarily to fund exploration expenditures at the Company's Kay Mine in Arizona as well as for working capital and general corporate purposes. The Company did not receive any proceeds from the Secondary Offering. The Common Shares were offered in all provinces of Canada, except Quebec, pursuant to a short form prospectus dated November 5, 2021. The Common Shares were also sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the United States Securities Act of 1933, as amended, and elsewhere in compliance with applicable securities laws. This p...

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