Arizona Metals Corp Announces Closing of $6,045,000 Bought Deal Financing, including Exercise in Full of Underwriters’ Option
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Arizona M
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A
TO, May 2
a Metals”) i
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nit consists
share purch
hereof to purc
er 29, 2021.
ction with th
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g those Un i
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Arizona Met
Metals Corp
mbination of
. An historic
illion short to
estimate at th
been verified
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Significant d
Arizona Met
Bought Dea
29, 2020 –
is pleased to
ment offerin g
e of $0.65
e in full o f
rwriters co -
of one (1)
hase warrant
chase one C
he Offering,
he Offerin g
ed upon by t
on of 3.0%
ii) 427,654
equal to 5. 0
its sold to s
nsation Wa r
President’s
he Company
Offering wil l
neral workin
xchange. All
hares issuab
nth and a day
tals Corp
p owns 100%
f patented a n
c estimate by
ons at a grad
he Kay Mine
d as a curr e
prepare the
data compil a
tals Corp A
al Financing
Underw
Arizona M
announce th
g (the “ Off
per Unit f o
f the under w
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non-transfe
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ubscribers o
rrants equal i
s List. Eac h
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l be used p r
ng capital pu
l Common S
ble on exerc i
y hold period
% of the Kay
nd BLM cl a
y Exxon Min
de of 2.2% co
e was report
ent mineral r
historic esti
ation, re-dr i
nnounces C
g, including
writers’ Opt
Metals Cor p
hat it has com
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or aggregat e
writers’ optio
tifel GMP
hare (“ Com
le warrant, a
are of the Co
writers receiv
gross pro c
y and the U n
ross proce e
erable comp
ggregate n u
on the Presi
ing 3.0% o f
h Compens a
f $0.65 per c
rimarily to f
urposes. The
Shares and W
ise of Warr a
d from May
y Mine Prope
aims totaling
erals in 1982
opper, 2.8g/t
ted by Exxon
resource. No
imate were r
illing and d
Closing of $6
g Exercise in
tion
p. (TSX.V: A
mpleted its p
f 9,300,000
e g ross pro c
on. The O
and Can a
mmon Shar e
a “Warrant
ompany at an
ved: (i) a cas
ceeds from
nderwriters
eds was pa i
pensation w a
umber of U n
ident’s List,
f the aggreg
ation Warr a
common shar
fund explor a
e Offering is
Warrants iss
ants and Co m
29, 2020.
erty in Yava
g 1,300 acr e
2 reported a
t gold, 3.03%
n Minerals in
one of the k
reported, and
data verific a
6,045,000
n Full of
AMC) (the
previously an
units (the
ceeds of $ 6
Offering was
accord Gen u
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”). Each Wa
n exercise pr
sh commissio
the issuanc
(the “Presid
id by the C
arrants (the
nits sold un d
for which
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ant is exer c
re until Nov
ation at the
s subject to
ued pursuan
mpensation
apai County,
es that are n
“proven and
% zinc, and 5
n 1982. The
key assumpt
d no resource
ation may b
“Company
nnounced bo
“Units”) o
6,045,000, w
conducted
uity Corp.
e-half (0.5)
arrant entitle
rice of $0.85
on of 5.0% o
ce of Units
dent’s List”
Company t o
“Compens
der the Off e
the Under w
of Units s o
cisable int o
vember 29, 2
Company’s
final approv
nt to the Of f
Warrants w
, which is lo
not subject t o
d probable re
55g/t silver”
e historic esti
ions, para m
e categories
be required
y” or
ought
f the
which
by a
(the
of a
es the
until
of the
on a
”), for
o the
ation
ering,
writers
old to
o one
021.
s Kay
val by
fering
will be
ocated
o any
eserve
”. The
imate
meters,
were
by a
2
Qualified Person before the historic estimate can be verified and upgraded to be a current
mineral resource. A Qualified Person has not done sufficient work to clas sify it as a current
mineral resource, and Arizona Metals is not trea ting the historic estimate as a current mineral
resource.
The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 150m to
at least 900m. It is open for expansion on strike and at depth.
The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located
on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate
of “100 million tons containing 1.5 million ounces gold” at a grade of 0.5g/t (Dausinger, 1983,
Westworld Resources).
The historic estimate at the Sugarloaf Peak Property was reported by We stworld Resources in
1983. The historic estimate has not been verified as a current mineral res ource. None of the key
assumptions, parameters, and methods used to pr epare the historic estimate were reported, and
no resource categories were used. Significant data compilation, re-drilling and data verification
may be required by a Qualified Person before the historic estimate can be verified and upgraded
to a current mineral resource. A Qualified Person ha s not done sufficient work to classify it as a
current mineral resource, and Ariz ona Metals is not treating the historic estimate as a current
mineral resource.
The Qualified Person who reviewed and approved th e technical disclosure in this release is
David Smith, CPG.
For further information, please contact:
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp
This press release contains statements that constitute “forward-looking information”
(collectively, “forward-looking statements”) within the meaning of the applicable Canadian
securities legislation, All statements, other than statements of histor ical fact, are forward-
looking statements and are based on expectations, estimates and projections as at the date of this
news release. Any statement that discusses pred ictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but not always using phrases such as
“expects”, or “does not expect”, “is expected”, “ anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “b elieves” or “intends” or variations of such
words and phrases or stating that certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not statements of historical fact and may
be forward-looking statements. Forward-looking statements cont ained in this press release
include, without limitation, the use of proceeds and final approval of the TSX Venture Exchange..
3
In making the forward- looking statements cont ained in this press release, the Company has
made certain assumptions. Although the Company be lieves that the expect ations reflected in
forward-looking statements are reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. Known and unknown risks, uncertainties,
and other factors which may cause the actual resu lts and future events to differ materially from
those expressed or implied by such forward-looking statements. Such factors include, but are not
limited to: availability of financ ing; delay or failure to recei ve required permits or regulatory
approvals; and general business, economic, compe titive, political and social uncertainties.
Accordingly, readers should not place undue re liance on the forward-looking statements and
information contained in this pr ess release. Except as required by law, the Company disclaims
any intention and assumes no obliga tion to update or revise any fo rward-looking statements to
reflect actual results, whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward- looking statements or otherwise.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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