Argo Gold Announces Closing of Flow-Through Financing
Argo Gold Announces Closing of Flow-
Through Financing
Toronto, Ontario--(Newsfile Corp. - December 30, 2021) - Argo Gold Inc. (CSE:
ARQ)
(
OTCQB:
ARBTF) (
XFRA, XSTU, XBER:
A2ASDS)
("
Argo Gold
" or the
"Company"
)
is pleased to
announce that it has closed a non-brokered private placement through the issuance of 2,916,700 flow-
through common shares ("
Flow-Through Shares
") at a price of $0.12 per Flow-Through Share, for
gross proceeds of $350,004.
In connection with the issuance of the Flow-Through Shares, the Company
paid a finder's fee equal to $28,000.32.
The securities issued are subject to a hold period of four months
and one day from the date of closing of the financing.
The financing was subscribed to by a long-term
institutional shareholder of the Company.
The gross proceeds received by the Company from the sale of the Flow-Through Shares will be used to
incur eligible "Canadian Exploration Expenses" ("
CEE
") that are "flow-through mining expenditures" (as
such term is defined in the
Income Tax Act
(Canada) (the "
Tax Act
") related to the Company's mining
projects.
The Company will renounce such CEE to the purchasers of the Flow-Through Shares with an
effective date of no later than December 31, 2021.
About Argo Gold Inc.
Argo Gold is a Canadian mineral exploration and development company, focused on gold exploration at
the Uchi Gold Project in the Red Lake District.
Argo Gold recently added the Talbot Lake Gold Project to
its portfolio; (Argo Gold news release June 11, 2020).
The company is also a 100% shareholder of the
Hurdman Silver-Zinc Project containing over 2 million ounces of silver.
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)
and
(XFRA, XSTU, XBER:
A2ASDS).
For more information please contact:
Judy Baker, CEO
(416) 786-7860
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.
Not for dissemination in the United States of America or through U.S. newswire services.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/108758