Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) announced Tuesday it is seeking to raise up to $700,000 through a non-brokered private placement.
In a statement, the Vancouver-based junior explorer said it will sell up to 3,684,210 units at a price of $0.19 per unit.
Arizona Silver plans to use the proceeds for further exploration of the Philadelphia Property in Mohave County and the Ramsey silver mine in La Paz County, both in Arizona, and for general working capital purposes.
READ: Arizona Silver unveils surprising new find at Philadelphia project following latest drill results
Each unit will consist of one common share and one-half of one transferable common share purchase warrant with each whole warrant exercisable at a price of $0.27 per share for a period of two years from the closing of the private placement.
However, in the event that the closing price of the company's common shares on the TSX Venture Exchange is $0.35 or greater during any 10 consecutive trading day period, the warrants will expire at 4:00 p.m. PT on the 30th day after the date on which the company provides notice of such accelerated expiry to the warrantholders, and the warrantholders will have no further rights to acquire any common shares under the warrant.
Arizona Silver also announced it has entered into a consulting services agreement with Cronus Consulting Corp.
Contact the author: firstname.lastname@example.org
Follow him on Twitter @PatrickMGraham