Arizona Mining (AZ-T) Nov 10, '16 is pleased to announce it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc. and RBC Capital Markets pursuant to which they have agreed to purchase, on a bought deal basis, 8,200,000 common shares of Arizona Mining at a price of $3.05 per common share, for aggregate gross proceeds of $25,010,000 (the "Offering").
Arizona Mining plans to use the net proceeds of the Offering to fund further drilling, for engineering, design and technical work for its Hermosa Project, and for general working capital purposes.
The common shares to be issued under the Offering will be offered by way of a short form prospectus in all of the provinces of Canada (excluding Quebec) and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act").
The Offering is scheduled to close on or about December 6, 2016 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Arizona Mining
Arizona Mining Inc. is a Canadian mineral exploration and development company focused on the exploration and development of its 100%-owned Hermosa Project located in Santa Cruz County, Arizona. The Taylor Deposit, a zinc-lead-silver carbonate replacement deposit, has a resource of 31.1 million tons in the Indicated Mineral Resource category grading 10.9% zinc equivalent ("ZnEq") and 82.7 million tons in the Inferred Mineral Resource category grading 11.1% ZnEq both utilizing a 4% ZnEq cutoff grade calculated in accordance with NI 43-101 guidelines (refer to the Company's news release dated October 31, 2016). The Taylor Deposit remains open to the north, west and south over land controlled by the Company and will be aggressively drilled to test the limits of the resource. The Company's other project on the Hermosa property is the Central Deposit, a silver-manganese manto oxide development project that has a prefeasibility study which was released in December 2013.
Arizona Mining Inc.
Susan Muir, Vice-President,
Investor Relations & Corporate Communications
416-505-7606
smuir@arizonamining.com
www.arizonamining.com |
