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Arizona Metals Corp. Announces Closing of $6,045,000 Bought Deal Financing, including Exercise in Full of Underwriters' Option
Toronto, Ontario--(Newsfile Corp. - May 29, 2020) - Arizona Metals Corp. (TSXV: AMC) (the " Co...
About this update from Arizona Metals Corp
[{"type":"text","content":"Arizona Metals Corp. Announces Closing of $6,045,000 Bought Deal Financing, including Exercise in Full of Underwriters' OptionToronto, Ontario--(Newsfile Corp. - May 29, 2020) - Arizona Metals Corp. (TSXV: AMC) (the \"Company\" or \"Arizona Metals\") is pleased to announce that it has completed its previously announced bought deal private placement offering (the \"Offering\") of 9,300,000 units (the \"Units\") of the Company at a price of $0.65 per Unit for aggregate gross proceeds of $6,045,000, which includes the exercise in full of the underwriters' option. The Offering was conducted by a syndicate of underwriters co-led by Stifel GMP and Canaccord Genuity Corp. (the \"Underwriters\").Each Unit consists of one (1) common share (\"Common Share\") and one-half (0.5) of a common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share of the Company at an exercise price of $0.85 until November 29, 2021.In connection with the Offering, the Underwriters received: (i) a cash commission of 5.0% of the gross proceeds of the Offering, excluding gross proceeds from the issuance of Units 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) 427,654 non-transferable compensation warrants (the \"Compensation Warrants\"), being equal to 5.0% of the aggregate number of Units sold under the Offering, excluding those Units sold to subscribers on the President's List, for which the Underwriters were issued Compensation Warrants equaling 3.0% of the aggregate number of Units sold to participants on the President's List. Each Compensation Warrant is exercisable into one Common Share of the Company at a price of $0.65 per common share until November 29, 2021.Proceeds from the Offering will be used primarily to fund exploration at the Company's Kay Mine Project and general working capital purposes. The Offering is subject to final approval by the TSX Venture Exchange. All Common Shares and Warrants issued pursuant to the Offering and any Common Shares issuable on exercise of Warrants and Compensation Warrants will be subject to a four month and a day hold period from May 29, 2020.About Arizona Metals Corp.Arizona Metals Corp o...