Arizona Silver Exploration Inc (CVE:AZS) is set to raise up to $350,000 via a private placing, which it will use to advance projects in the US state of the same name.
The company said it will issue over 4.3 million shares at $0.08 each.
Arizona said it planned to use the proceeds for further exploration of the Ramsey silver mine in La Paz county and the Sycamore Canyon property in Graham county, both in Arizona.
The funds will also be used for general working capital purposes.
In July this year, the company updated on progress on the Sycamore Canyon gold-silver property.
Spot coring of outcrops was going well, the firm said, with spot cores of three-inch-diameter samples, ranging from four inches to eight inches long, being sampled from a hand-held core drill and collected from accessible outcrops of mineralized breccia.
This demonstrates detailed textures and loci of gold and silver mineralization across 500 metres of strike length of the breccia.
Nine cores in total were drilled, eight in mineralized breccia and one in strongly argillized wall rock.
The eight cores in mineralized breccia contained silver and gold values from 19.8 grams per tonne to 553 grams p/t silver and 0.05 grams p/t to 3.04 grams p/t gold.