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Arizona Metals Corp. Increases Size of Previously Announced Private Placement to Up to $2,000,000
TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Arizona Metals Corp. (TSXV: AMC) (the “Company” or “AMC”), is pleased to announce that due to additional demand the C
About this update from Arizona Metals Corp
[{"type":"text","content":" TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Arizona Metals Corp. (TSXV: AMC) (the “Company” or “AMC”), is pleased to announce that due to additional demand the Company has increased the size of its previously announced non-brokered private placement of common shares (“Common Shares”) from aggregate gross proceeds of up to $1,500,000 to aggregate gross proceeds of up to $2,000,000 (the “Offering”). Pursuant to the Offering, the Company will issue an aggregate of up to 4,000,000 Common Shares at a price of $0.50 per Common Share to raise gross proceeds of up to $2,000,000. For additional details of the Offering, please refer to the Company’s press release dated January 16, 2020. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Arizona Metals Corp. Arizona Metals Corp. owns 100% of the Kay Mine Property in Yavapai County, which is located on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any royalties. An historic estimate by Exxon Minerals in 1982 reported a “proven and probable reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8g/t gold, 3.03% zinc, and 55g/t silver”. The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to be compliant with current NI 43-101 standards. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and AMC is not treating the historic estimate as a current mineral resource. The Kay Mine is a steeply dipping V...