Arizona Gold & Silver (TSX-V:AZS) has doubled its private placement to raise C$2 million ($2.23 million) for the company’s flagship Philadelphia Project in Arizona.
The company will now issue 6.66 million units at an offer price of C$0.30 per unit, each comprising one share and one transferable purchase warrant.
Warrant holders are entitled to acquire an additional share at an exercise price of C$0.40 for a period of three years from the issue date.
As previously reported by Mining.com.au, the company announced its intention to raise C$1 million through the issue of 3.33 million units to further exploration and drilling efforts at the Philadelphia Project.
Remaining funds will be deployed to also advance other assets in its portfolio, as well as general working capital.
Arizona Gold & Silver is an explorer focused on discovering its namesake commodities across western Arizona and Nevada.
Write to Maddison Elliott at Mining.com.au
Images: Arizona Gold & Silver
