The Explorer issued 4.5 million units at C $ 0.21 each for gross proceeds of C $ 945,000. Each unit consists of one share and half a subscription warrant
Arizona Silver Exploration Inc said it has closed a previously announced fully subscribed private placement, raising C $ 945,000 for further exploration drilling on its Philadelphia, Arizona property and to advance its other projects.
The Explorer issued 4.5 million units at C $ 0.21 each for gross proceeds of C $ 945,000. Each unit consists of one share and half a subscription warrant.
Each entire warrant will entitle its holder to purchase one additional share at an exercise price per warrant share of Cdn $ 0.30 for five years from closing.
READ: Arizona Silver releases ‘good gold grades’ from undrilled segment of Philadelphia vein
Provided that the closing price of the shares is C $ 0.45 or more for ten consecutive days. The warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day following the date on which the Company notifies the holders of the warrants of such accelerated expiration.
The small resource company has gold-silver projects in western Arizona and Nevada.
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