Arizona Gold & Silver (TSX-V:AZS) is heading to market to raise C$1 million ($1.1 million) to advance its flagship Philadelphia Project in Arizona.
The company, which has a market capitalisation of C$28.7 million, is undertaking a private placement offering up to 33.3 million units at C$0.30 per unit to raise the funds.
Each unit comprises one share and one share purchase warrant, entitling the holder to buy an additional share at C$0.40 within three years.
Arizona Gold & Silver plans to use the cash to undertake further exploration and drilling at the Philadelphia Project, advance other projects in its portfolio, and for general working capital.
Philadelphia is located in Mohave County, northwestern Arizona, and is a gold and silver vein target being advanced in preparation for an initial resource estimate.
Mohave County is home to the Oatman Mining District, which produced over 2 million ounces of gold from high-grade veins mined underground.
Arizona Gold & Silver is focused on exploring gold and silver properties in western Arizona and Nevada.
Write to Angela East at Mining.com.au
Images: Arizona Gold & Silver
