(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 11, 2022 – Arizona SilverExploration Inc. (the “Company” or “Arizona Silver”)(TSXV:AZS) (OTC:AZASF) is pleased to announce anon-brokered private placement (the “ Private Placement “)offering of up to 8 million units (“ Units “) at a priceof $0.25 per Unit for gross proceeds of up to CAD $2,000,000. EachUnit will consist of one common share and one-half of a common sharepurchase warrant (each whole warrant, a “ Warrant “). EachWarrant will entitle the holder to purchase one additional commonshare of the Company at a price of $0.40 for five (5) years followingclosing of the Private Placement provided, at the discretion of theCompany, in the event that the closing price of the Company’s commonshares on the TSX Venture Exchange (the “ Exchange ”) isCAD$0.48 or greater per common share during any ten (10) consecutivetrading day period the Warrants will expire at 4:00 p.m. (Vancouvertime) on the 30 th day after the date on which the Companyprovides notice of such accelerated expiry to the warrant holders, andthe warrant holders will have no further rights to acquire any commonshares of the Company under the Warrant.
The Company plans to use the proceeds of the privateplacement for further exploration of the Philadelphia Property inMohave County, Arizona, the advancement of other Company projects, aswell as for general working capital purposes.
To demonstrate continued support of the Company’sgrowth plans, certain insiders of the Company will participate in thePrivate Placement. Such participation is considered a related partytransaction within the meaning of Multilateral Instrument 61-101– Protection of MinoritySecurity Holders in Special Transactions (“ MI61-101 “). The related party transaction willbe exempt from minority approval and valuation requirements pursuantto the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI61-101, as neither the fair market value of the securities to beissued under the Private Placement nor the consideration to be paid bythe insiders will exceed 25% of the Company’s market capitalization.
Completion of the Private Placement remains subject tothe approval of the Exchange. All securities issued pursuant to thePrivate Placement will be subject to a statutory four month holdperiod. T he Company may pay finder's fees inaccordance with the rules and policies of the Exchange.
Please refer to our web site for all news and updatedproperty information. www.arizonasilverexploration.com
On behalf of the Board of Directors:
ARIZONA SILVER EXPLORATIONINC.
Mike Stark, President and CEO,Director
Phone: (604) 833-4278
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
CAUTION CONCERNING FORWARD-LOOKINGSTATEMENTS
This news release includes certain forward-lookingstatements or information. All statements other than statements ofhistorical fact included in this release are forward-lookingstatements that involve various risks and uncertainties.Forward-looking statements in this news release include statements inrelation to the timing, cost and other aspects of the 2022 explorationprogram; the potential for development of the mineral resources; thepotential mineralization and geological merits of the explorationproperties; and other future plans, objectives or expectations of theCompany. There can be no assurance that such statements will prove tobe accurate and actual results and future events could differmaterially from those anticipated in such statements. Importantfactors that could cause actual results to differ materially from theCompany's plans or expectations include the riskthat actual results of current and planned exploration activities,including the results of the Company's 2022 drilling program(s) on itsproperties, will not be consistent with the Company's expectations;the geology, grade and continuity of any mineral deposits and the riskof unexpected variations in mineral resources, grade and/or recoveryrates; fluctuating metals prices; possibility of accidents, equipmentbreakdowns and delays during exploration; exploration cost overruns orunanticipated costs and expenses; uncertainties involved in theinterpretation of drilling results and geological tests; availabilityof capital and financing required to continue the Company's futureexploration programs and preparation of geological reports andstudies; delays in the preparation of geological reports and studies;the metallurgical characteristics of mineralization contained withinthe exploration properties are yet to be fully determined; generaleconomic, market or business conditions; competition and loss of keyemployees; regulatory changes and restrictions including in relationto required permits for exploration activities (including drillingpermits) and environmental liability; timeliness of government orregulatory approvals; and other risks detailed herein and from time totime in the filings made by the Company with securities regulators. Inconnection with the forward-looking information contained in this newsrelease, the Company has made numerous assumptions, including that theCompany's 2022 programs would proceed as planned and within budget.The Company expressly disclaims any intention or obligation to updateor revise any forward-looking statements whether as a result of newinformation, future events or otherwise, except as otherwise requiredby applicable securities legislation .
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