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Arizona Metals Corp Announces Non-Brokered Private Placement of up to $3 Million
Toronto, Ontario--(Newsfile Corp. - May 12, 2020) - Arizona Metals Corp. (TSXV: AMC) (the "Com...
About this update from Arizona Metals Corp
[{"type":"text","content":"Arizona Metals Corp Announces Non-Brokered Private Placement of up to $3 MillionToronto, Ontario--(Newsfile Corp. - May 12, 2020) - Arizona Metals Corp. (TSXV: AMC) (the \"Company\" or \"Arizona Metals\") is pleased to announce a non-brokered private placement financing of up to 4,615,385 units at a price of $0.65 per unit (a \"Unit\") for gross proceeds of up to $3 million (the \"Private Placement\"). Each Unit will consist of one common share of the Company (each, a \"Common Share\") and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant exercisable to purchase one additional Common Share of the Company for a period of 18 months from the date of closing at an exercise price of $0.85.The Company may pay a finder's fee to certain third parties in connection with the proceeds received by the Company by the sale of Units to the subscribers, other than insiders, introduced to the Company by such third party. Proceeds from the Private Placement will be used primarily to fund general working capital purposes and exploration at the Company's Kay Mine Project. The Private Placement is expected to close on or around May 29, 2020. The Private Placement may be closed in one or more tranches as subscriptions are received.The Private Placement and any finder's fees are subject to TSX Venture Exchange approval. All Common Shares and Warrants issued pursuant to the Private Placement and any Common Shares issuable on exercise of Warrants will be subject to a four month and a day hold period from the closing date.It is anticipated that certain directors, officers and other insiders of the Company will acquire Units. Such participation will be considered to be \"related party transactions\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the tran...