Argo Clearwater Update and Financing
Argo Clearwater Update and Financing
Toronto, Ontario--(Newsfile Corp. - January 13, 2023) - Argo Gold Inc. (CSE:
ARQ
) (OTCQB:
ARBTF
)
(XFRA, XSTU, XBER:
A2ASDS
) ("
Argo Gold
") is pleased to announce it has entered into a Purchase
and Sale Agreement with respect to its previously announced transaction to acquire 7,600 contiguous
hectares (18,000 acres) of Clearwater oil land in the Nipisi area of Alberta.
Argo Gold will pay $725,000
to a private energy producer to acquire the interest in the oil lands by January 31, 2023.
Argo Gold
anticipates commencing exploration activities at Clearwater in 2023.
The Clearwater is the leading
growth oil production area in the Canadian energy sector.
Argo has been advised by Croverro Energy that surface preparation and equipment installments at the
Lindberg area Sparky Oil Well that Argo is participating in will be completed before spring break up and
the oil well drilling will commence post spring break up.
Argo also announces that it intends to complete a private placement offering of up to 25,000,000 shares
at a price of $0.10 per share, for gross proceeds of up to $2,500,000.
The proceeds of the financing will
be used for; acquisition of the Clearwater oil land, participation in the Sparky Oil Well, the Nisku Oil
Farmins, and general corporate purposes.
Finder's fees may be payable to qualified individuals
pursuant to which the finder may receive a finder's fee equal to 8% of the gross proceeds of the financing
sold by such finder.
The financing closing is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the Canadian Securities Exchange.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company.
Information on Argo Gold can
be obtained from SEDAR at
www.sedar.com
and on Argo Gold's website at
www.argogold.com
.
Argo
Gold is listed on the Canadian Securities Exchange (
www.thecse.com
) CSE:
ARQ
as well as OTCQB:
ARBTF
and XFRA, XSTU, XBER:
A2ASDS.
For more information please contact:
Judy Baker, CEO
(416) 786-7860
www.argogold.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES
PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information"
within the meaning of applicable securities law.
Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-
looking statements are based on the opinions and estimates at the date the statements are made,
and are subject to a variety of risks and uncertainties and other factors that could cause actual events
or results to differ materially from those anticipated in the forward-looking statements including, but not
limited to delays or uncertainties with regulatory approvals, including that of the CSE.
There are
uncertainties inherent in forward-looking information, including factors beyond the Company's control.
The Company undertakes no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law.
The reader is
cautioned not to place undue reliance on forward-looking statements.
Additional information
identifying risks and uncertainties that could affect financial results is contained in the Company's
filings with Canadian securities regulators, which filings are available.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/151252