What is the story about?
What's Happening?
Arizona Gold & Silver has successfully completed a non-brokered private placement, raising C$2 million ($2.17 million) to fund exploration at its Philadelphia Project in Arizona. The company issued 6.66 million units at C$0.30 per unit, each comprising one common share and one transferable common share purchase warrant. These warrants are exercisable at $0.40 per share with a three-year expiry. The Philadelphia Project, located in Mohave County, is a gold and silver vein target within the Oatman Mining District, known for producing over 2 million ounces of gold. Arizona Gold & Silver aims to advance the epithermal gold-silver system and prepare for an initial resource estimate.
Why It's Important?
The successful completion of this private placement is crucial for Arizona Gold & Silver as it provides the necessary capital to continue exploration activities at the Philadelphia Project. This funding supports the company's strategy to identify high-grade zones within the vein system, potentially leading to increased resource estimates. The project is situated in a historically productive mining district, which could enhance its prospects for significant discoveries. The investment reflects confidence in the project's potential and may attract further interest from investors and stakeholders in the mining sector.
What's Next?
Arizona Gold & Silver will use the funds to advance exploration at the Philadelphia Project, focusing on identifying high-grade zones within the vein system. The company plans to prepare for an initial resource estimate, which could provide insights into the project's viability and attract additional investment. Stakeholders will be monitoring the progress of exploration activities and any announcements regarding resource estimates or new discoveries.
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