Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) revealed it plans to raise up to C$1.1 million via a non-brokered private placing to fund further exploration at its Philadelphia property and Ramsey silver mine, both in Arizona.
The financing consists of over 7.33 million units at C$0.15 each, with each unit consisting of one company share and one‑half of one transferable share purchase warrant.
Each whole warrant is exercisable at C$0.22 per share for five years from closing, provided that the closing price of the shares on the TSX venture exchange is C$0.52 or greater during any 10 consecutive trading day period.
WATCH: Full interview: Arizona Silver Exploration buys out claims saving hundreds of thousands of dollars
On February 18, the group revealed it had hit visible gold in five of nine drill holes on its Philadelphia project.
The Vancouver-based explorer is wrapping up a nine-hole program designed to test the along strike and down dip extensions of the high-grade gold and silver vein target.
High-grade gold was first identified on the vein in October last year.
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