Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) told investors Friday it had closed its private placing of over 6.8 million units at C$0.10 each, raising total gross proceeds of C$682,762.
The firm plans to use the proceeds for further exploration of its Philadelphia property and the Ramsey silver mine - both in the US state of Arizona - and for general working capital.
Philadelphia is in Mohave county, while the Ramsey silver project is in La Paz county.
Company insiders subscribed for over 1.73 million units, with CEO Mike Stark subscribing for 400,000 units, the firm, which late in 2019, said it had repriced the placing, said in a statement.
Greg Hahn, the vice-president of exploration and a director, took 510,171 units, while director Brady Stiles subscribed for 657,500 units and CFO Dong H. Shim subscribed for 171,000 units.
Each unit consists of one company share and one-half of a share purchase warrant. Each whole warrant is exercisable at C$0.15 each for two years from closing.
However, if the closing price of the company's shares on the TSX Venture Exchange is C$0.35 or greater per share during any 10-consecutive-trading-day period, the warrants will expire at 4 pm (Vancouver time) on the 30th day after the date on which the company provides notice of such accelerated expiry to the warrant holders, and the warrant holders will have no further rights to acquire any shares of the company under the warrant.
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