Arizona Gold & Silver Announces Closing Of Oversubscribed Non-Brokered Private Placement
Vancouver - Arizona Gold & Silver Inc. (the "Company" or "Arizona Gold") (TSX-V: AZS) (OTCQB: AZASF) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of 6,666,416 units (the "Units") at a price of $0.30 per Unit raising total gross proceeds of CDN$1,999,924.80. Each Unit consists of one common share (the "Shares") of the Company and one transferable common share purchase warrant (each, a "Warrant") with each whole Warrant exercisable at a price of $0.40 per Share for a period of three (3) years from closing of the Private Placement.
The Company plans to use the proceeds of the Private Placement for further exploration of the Philadelphia Property in Mohave County, and for general working capital purposes.
In connection with the Private Placement, the Company paid finder's fees to certain finders, consisting of a cash fee of $26,451, 266,667 shares and 26,667 common share purchase warrants (each a "Finder's Warrant"). Each Finder's Warrant entitles the holder to acquire one common share at a price of $0.40 per share for a period of three years from the date of issuance. The Private Placement and finders fees remains subject to the approval of regulatory authorities.
All securities issued are subject to a four-month hold period.
On behalf of the Board of Directors:
ARIZONA GOLD & SILVER INC.
Mike Stark, President, CEO and Director
Phone: (604) 833-4278
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities referred to in this news release 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 within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES
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