(TheNewswire)
NOTFORDISTRIBUTIONTOTHEUNITEDSTATESORFORDISSEMINATIONINTHEUNITEDSTATES
Vancouver,BritishColumbia/October 03, 2024–TheNewswire – 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 “PrivatePlacement”)of15,425,090 units(the “Units”) at apriceof$0.30per Unitraising total gross proceeds of CDN$4,627,527.10.
EachUnitconsistsofonecommonshare(the“Shares”)oftheCompany and onetransferablecommon 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.
CEO, Mike Stark wishes to acknowledge the continued support from existing shareholders and management increasing their positions, as well new investors. We also welcome Sprott and Rick Rule personally to the Arizona Gold & Silver Inc. share registry.
InsidersoftheCompanysubscribedforatotalof 174,000 units.As a result, the Private Placement is 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.
The Companyplanstouse theproceedsof thePrivatePlacement forfurther explorationof thePhiladelphiaProperty in Mohave County, and for general working capital purposes.
In connection with the closing of the Private Placement, the Company paid finders’ fees totaling $73,416.11.Thefinders’ 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
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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