- Arizona Metals (OTCQX:AZMCF) entered into an amended agreement with Stifel GMP and Clarus Securities on behalf of a syndicate of underwriters to increase the size of its earlier announced offering wherein underwriters agreed to purchase on a bought deal private placement basis 10.6M common shares at C$4.25/common share for total gross proceeds of C$45.05M.
- The deal is inclusive of 7.5M common shares issued from treasury and 3.1M common shares sold by certain existing shareholders for gross proceeds of C$31.88M and C$13.18M respectively.
- Underwriters will be granted over-allotment option to purchase up to an additional 1.13M common shares under the treasury offering.
- Net proceeds from the treasury offering to be used for funding exploration and development work at the Kay Mine in Arizona, and for working capital and general corporate purposes.
- The Company will not receive any proceeds from the secondary offering.
- Offer scheduled to close on or about Nov.12.