Arizona Gold & Silver (TSX-V:AZS) has raised C$18 million ($18.16 million) through the closing of a financing with Sorbie Bornholm and Sorbie Investments.
The investors will fund the committed C$18 million via cash or portfolios of UK government bonds deposited under an International Swaps and Derivatives Association Credit Support Annex.
Sorbie Bornholm will invest C$10 million for 12.5 million units, while Sorbie Investments will invest the remaining C$8 million for 10 million units.
Arizona Gold & Silver will issue a total of 22.5 million units at C$0.80 each.
Each unit comprises one share and one-half purchase warrant, with each whole warrant exercisable over a three-year period.
Arizona Gold & Silver will issue a total of 11.25 million warrants to the investors, with 5.62 million warrants issued upon closing and exercisable at C$1 each.
The remaining warrants will be issued at a 20% premium to the 20-day volume-weighted average price.
Funds will be used to advance the Philadelphia and Silverton properties.
Arizona Gold & Silver is a US-focused precious metals explorer focused on its Philadelphia Project, which lies within the historic Oatman Mining District, an area with a long history of gold production from epithermal vein systems.
Sorbie Bornholm is a global investment firm built on partnership and innovation.
Write to Maddison Elliott at Mining.com.au
Images: Arizona Gold & Silver
