(TheNewswire)
NOTFORDISTRIBUTIONTOTHEUNITEDSTATESORFORDISSEMINATIONINTHEUNITEDSTATES
Vancouver,BritishColumbia/ TheNewswire /April 8, 2024–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 previously announced on March 28, 2024 (the “PrivatePlacement”)of5,328,297 units(the “Units”) at apriceof$0.30per Unitraising total gross proceeds of CAD$1,598,489.21.
EachUnitwillconsistofonecommonshare(the“Shares”)oftheCompany and onetransferablecommon share purchase warrant (each, a "Warrant") with each whole Warrant exercisable at a price of $0.45 per Share for a period of two years from closing of the Private Placement.
The Private Placement included participation by insiders of the Company in the aggregate amount of 878,088Units The participation in the placement by these insiders constitutes a related party transaction (as definedunderMultilateralInstrument61-101ProtectionofMinoritySecurityHoldersinSpecialTransactions (“MI61-101”)).TheCompanyrelieduponthe“IssuerNotListedonSpecifiedMarkets”and“FairMarketValueNot More Than $2,500,000” exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
TheCompanyplanstousetheproceedsofthePrivatePlacementforfurtherexplorationofthePhiladelphiaProperty in MohaveCounty,andforgeneral working capital purposes.
In connection with the closing of the Private Placement, the Company paid finders’ fees totaling $19,976.99. The finders’ fees are subject to regulatory approval.
Allsecuritiesissuedaresubjecttoafour-monthholdperiod. On behalf of the Board of Directors:
ARIZONAGOLD & SILVER INC.
MikeStark,President,CEOandDirector
Phone:(604)833-4278
mike.stark@arizonagoldsilver.com
NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefined inthepoliciesofthe TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Thesecuritiesreferredtointhisnewsreleasehavenotbeen,norwilltheybe,registeredundertheUnitedStates 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.
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