Arizona Gold completes $1.99 million private placement to finance Philadelphia project, Arizona

Arizona Gold & Silver Inc. [TSXV: AZS; OTCQB: AZASF] has closed a non-brokered private placement of 6,666,416 units at a price of 30 cents per unit, raising total gross proceeds of $1,999,924.80.

Each unit consists of one common share of the company and one transferable common share purchase warrant, with each whole warrant exercisable at a price of 40 cents per share for a period of three 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, Arizona, and for general working capital purposes.

In connection with the private placement, the company paid finders’ fees to certain finders, consisting of a cash fee of $26,451 as well as 266,667 shares and 26,667 common share purchase warrants. Each finder warrant entitles the holder to acquire one common share at a price of 40 cents per share for three years from the date of issuance. The private placement and finders’ fees remain subject to the approval of regulatory authorities. All securities issued are subject to a four-month hold period.