Argonaut Gold Announces Closing of $40 Million Bought Deal Financing

Argonaut Gold (TSX:AR) has announced it has closed its previously announced bought deal public offering of 16.7 million common shares at $2.40 per share for proceeds of just over $40 million.
As quoted in the press release:

Under the terms of the Offering, the Company has also granted the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing date of the Offering, to purchase up to an additional 2,505,000 Common Shares at a price of C$2.40 per Common Share for market stabilization purposes and to cover over-allotments, if any.
The Common Shares issued under the Offering were offered by way of a short form prospectus dated March 7, 2017 in each of the provinces and territories of Canada, except Québec. Copies of the final short form prospectus and documents incorporated by reference therein are available electronically under Argonaut’s issuer profile on SEDAR at www.sedar.com.
The net proceeds of the Offering will be used to fund the purchase of a mining concession in San Juan del Río Durango, consisting of 420 hectares covering known projections of the El Castillo mineralization and for general corporate purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Click here to read the full press release.