Business
Arizona Metals Corp Announces Upsizing of Private Placement Financing to $10 Million
TORONTO / Jan 05, 2021 / Business Wire / Arizona Metals Corp. (TSXV:AMC, OTCQB:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that due to str
About this update from Arizona Metals Corp
[{"type":"text","content":"TORONTO / Jan 05, 2021 / Business Wire / Arizona Metals Corp. (TSXV:AMC, OTCQB:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that due to strong investor demand, it has increased its previously announced non-brokered private placement (the “Offering”) (see news release dated January 4, 2021) from 5,263,158 shares of the Company at a price of $0.95 per share (the “Shares”) for gross proceeds of $5,000,000, to up to 10,526,319 shares for gross proceeds of up to $10,000,000. Marc Pais, CEO of Arizona Metals comments, “We are very pleased with the strong support that we have received from both current and new investors. This is also a testament to the strategic value of our recently announced acquisition, which substantially expands our holdings of private land near our Kay Mine Project. The additional funding will also allow for significant expansion of the Phase 2 drilling program beyond the 11,000 meters planned prior to this financing.” The Company may pay finders fees in accordance with the rules and policies of the TSX Venture Exchange (the \"Exchange\"). The Offering remains subject to the approval of the Exchange. All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the Closing Date of the Offering. On January 4th, 2021, the Company announced that it has entered into a purchase option and sale agreement (the “Purchase Agreement”) with an arm’s length Arizona based private company to acquire 100% of six parcels of patented land totaling 107 acres (the “Property”), located 900 metres northeast of its Kay Mine VMS Project. The Property includes the surface, mineral, and water rights, among other rights and benefits. The proceeds raised by the Company pursuant to the Offering will be used for the Property acquisition, exploration drilling under the Kay Mine Phase 2 program, as well as general and administrative purposes. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and ap...