Arizona Gold closes $1.99-million private placement

Executive Summary

• Arizona Gold & Silver Inc. closed an oversubscribed non‑brokered private placement of 6,666,416 units at $0.30 per unit, generating gross proceeds of $1,999,924.80.
• Each unit includes one common share and one transferable warrant exercisable at $0.40 per share for three years; all securities are subject to a four‑month hold period.
• Proceeds will be used to fund further exploration on the Philadelphia property in Mohave County and for general working capital.

Key Details

• Units sold: 6,666,416 units at $0.30 per unit.
• Gross proceeds: $1,999,924.80.
• Unit composition: 1 common share + 1 transferable common share purchase warrant (exercisable at $0.40/share for three years).
• Hold period: All securities issued are subject to a four‑month hold period.
• Use of proceeds:
• Further exploration of the Philadelphia property, Mohave County.
• General working capital purposes.
• Finder’s fees paid:
• Cash fee: $26,451.
• Equity compensation: 266,667 common shares and 26,667 common share purchase warrants (each warrant exercisable at $0.40/share for three years).
• Regulatory approval: The private placement and associated finder’s fees remain subject to regulatory authority approvals.

Notable Quotes

(No quotes were provided in the release.)