Argo Closes Second Tranche of Financing and Operations Update
Argo Closes Second Tranche of Financing and
Operations Update
Toronto, Ontario--(Newsfile Corp. - November 2, 2023) - Argo Gold Inc's.
(CSE:
ARQ)
(OTCQB: ARBTF)
(FSE: P3U)
(XFRA: A2ASDS) (XSTU: A2ASDS)
(XBER:
A2ASDS)
("
Argo
" or the "
Company
") oil production results for September 2023:
Lindbergh Oil
Production
Argo's 37.5%
interest
Argo's Oil
Revenue
Argo's net operating
cash flow
September 2023
115 bbl/day
43.4 bbl/day
$115,536
$83,068
Argo also announces that the seven leg multi-lateral horizontal Lloyd oil well in the Sparky formation was
completed in late September and has been on production since early October.
Argo's interest in the
Lloyd oil well is 18.75%.
The Company also announces that it has closed the second tranche of its previously announced non-
brokered private placement.
In the second tranche, the Company issued 2,700,000 common shares at a
price of $0.10 per share for gross proceeds of $270,000.
The shares issued under the financing are
subject to a four-month and one day statutory hold period expiring on March 1, 2024.
Judy Baker, the CEO of the Company, acquired 800,000 shares for a total consideration of $80,000.
The private placement is a related party transaction within the meaning of Multilateral Instrument 61-101
as insiders of the Company subscribed for an aggregate of 800,000 shares.
The company is relying on
the exemptions from the valuation and minority shareholder approval requirements of MI 61-101
contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the
offering by insiders does not exceed 25 per cent of the market capitalization of the Company, as
determined in accordance with MI 61-101. The Company did not file a material change report in respect
of the related party transaction at least 21 days before the closing of the offering, which the Company
deems reasonable in the circumstances as to be able to avail itself of the proceeds of the offering in an
expeditious manner.
Argo is currently completing a non-brokered private placement of 12,000,000 shares at a price of $0.10
per share, for gross proceeds of up to $1,200,000.
The proceeds of the financing will be used for
participation in the Sparky oil wells at Lindbergh and Lloyd, and for 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 attributable to such finder.
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)
(OTCQB:
ARBTF)
(FSE: P3U)
(XFRA: A2ASDS) (XSTU: A2ASDS) (XBER:
A2ASDS)
.
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 the financing not being completed in its entirety, or at all, delays or uncertainties with drilling
and surface preparation work, and not achieving hoped for exploration success.
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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/186115