The proceeds will be used to advance its exploration and development projects, it said in a brief statement.
The Mara Rosa open pit
Amarillo is developing an open pit gold project at Mara Rosa in Goias State in Brazil, which has a resource of 1.27 million ounces gold in 31 million tons of material at 1.30 g/t (grams per ton) of the yellow metal. It also has an advanced gold exploration project with excellent grades at Lavras do Sul in the South American country.
In the second tranche, the firm issued 958,515 units at a subscription price of $0.20 each for total gross proceeds to the company of $191,703.
In all, the firm issued over 26.3 million units for gross proceeds of $5,276,590 over the first and second tranches.
Each unit consists of one share and one share purchase warrant. Each warrant entitles the holder to buy a further share at an exercise price of $0.30 for two years following the date of issue, subject to customary adjustment provisions.
Shares in Toronto closed Thursday at $0.20.
Contact Giles at [email protected]