Arizona Ag closes $63,560 final tranche of financing

Mar 6, 2020

2020-03-05 15:39 ET – News Release

Mr. Mike Stark reports

ARIZONA SILVER EXPLORATION CLOSES C$1,050,000 EQUITY FINANCING

Arizona Silver Exploration Inc. has closed the second and final tranche of its previously announced non-brokered private placement by issuing 423,733 units at a price of 15 cents per unit for gross proceeds of $63,560. Together with the first tranche, the Company has issued a total of 7,004,133 Units under the Private Placement for aggregate gross proceeds of approximately $1.05-million. There were no brokers shares or fees payable upon close the Private Placement.

Each Unit is comprised of one common share of the Company (a “Share”) and one half of one transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase for a period of five years from the date of close one additional Share (a “Warrant Share;’) at an exercise price per Warrant Share of C$0.22. provided that the closing price of the Company’s common shares on the TSX Venture Exchange is CAD$0.52 or greater per common share during a 10 consecutive trading day period. Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the warrant holders. The warrant holders will have no further rights to acquire any common shares of the Company under the Warrant.

The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issuable pursuant to the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.

The Company plans to use the proceeds of the private placement for further exploration of the Philadelphia Property in Mohave County, Arizona, and the Ramsey silver mine in La Paz County, Arizona, as well as for general working capital purposes.

We seek Safe Harbor.

http://arizonasilverexploration.com/

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