Arizona Mining Announces $18 Million Underwritten Private Placement

Arizona Mining (TSX:AZ) has announced that it has entered into an agreement with Scotiabank and RBC Capital Markets on behalf of a syndicate of underwriters. The underwriters have agreed to purchase on an underwritten private placement basis 14,000,000 common shares at a price of $1.29 per common share for aggregate gross proceeds of $18,060,000.
Jim Gowans, president and CEO, said:

The Company is very pleased to have arranged this Offering with an elite group of institutions including lead investor JP Morgan Asset Management U.K.

As quoted in the press release:

Proceeds from the Offering will be used to fund an ongoing drill campaign to determine the size and extent of the Taylor Deposit at the Company’s Hermosa Project.
It is expected that the closing of the Offering will occur on or about June 9, 2016 subject to Toronto Stock Exchange approval.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Click here to read the full press release.