Arizona Gold & Silver secures C$18M investment from Sorbie to advance flagship project

The financing volition not effect successful a caller power position, the institution said.

The concern volition beryllium structured arsenic a placement of 22.5 cardinal units priced astatine C$0.80 each, representing an astir 18% premium to the company’s five-day volume-weighted mean price. Each portion volition dwell of 1 communal stock and one-half of a stock acquisition warrant, with each afloat warrant exercisable astatine C$1.

Part of the shares issued volition underpin a “Sharing Agreement,” which the institution said could supply further non-dilutive upside tied to task milestones.

Proceeds from the placement volition beryllium utilized to grow drilling programs and beforehand exploration astatine the Philadelphia gold-silver project, located adjacent the historical Oatman Mining District successful northwestern Arizona. The country has historically produced much than 2.5 cardinal ounces of golden from high-grade epithermal vein systems.

CEO Mike Stark said the concern would enactment drilling activities into 2027, with aggregate rigs expected to run astatine the site.

“The information that this financing was completed supra marketplace worth demonstrates beardown assurance successful our squad and successful the imaginable of the project,” Stark said successful a statement.
We volition beryllium moving unneurotic similar a squad gathering and rewarding financially to some Arizona & Sorbie arsenic good execute drilling and expanding the size of our deposit connected the Philadelphia property.”

Sorbie Managing Director Whitney Kofford said the concern marked the firm’s largest to day and reflected assurance successful the project’s exploration imaginable and Arizona’s presumption arsenic a starring mining jurisdiction.

Arizona Gold & Silver has been advancing exploration astatine the Philadelphia project, with ongoing drilling aimed astatine expanding mineralization on the Philadelphia vein and investigating further targets crossed its onshore package.