CORRECTION FROM SOURCE: Argo Gold Closes First Tranche of Financing
CORRECTION FROM SOURCE: Argo Gold
Closes First Tranche of Financing
Prior to the private placement, Mr. Sprott beneficially owned or controlled 11,200,000 Shares of the
Company representing approximately 17.0% on a non-diluted basis.
Following the completion of the
private placement, Mr. Sprott beneficially owns and controls 13,200,000 Common Shares of the
Company representing approximately 19.0% of the issued and outstanding Common Shares of the
Company.
Toronto, Ontario--(Newsfile Corp. - May 2, 2023) - Argo Gold Inc. (
CSE: ARQ
) ("
Argo Gold
" or the
"
Company
") is pleased to announce that it has closed the first tranche of its previously announced non-
brokered private placement of 3,650,000 shares at a price of $0.10 per Share for gross proceeds of
$365,000 (the "
Offering
").
All securities issued under the Offering are subject to a four-month and one
day statutory hold period.
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him,
acquired 2,000,000 Shares for a total consideration of $200,000. Prior to the private placement, Mr.
Sprott beneficially owned or controlled 11,200,000 Shares of the Company representing approximately
17.0% on a non-diluted basis.
Following the completion of the private placement, Mr. Sprott beneficially
owns and controls 13,200,000 Common Shares of the Company representing approximately 19.0% of
the issued and outstanding Common Shares of the Company.
The Shares were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the
investment and may acquire additional securities of Argo Gold including on the open market or through
private acquisitions or sell securities of Argo Gold including on the open market or through private
dispositions in the future depending on market conditions, reformulation of plans and/or other relevant
factors.
A copy of Sprott's early warning report will appear on Argo Gold's profile on SEDAR and may also be
obtained by calling Mr. Sprott's office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza,
South Tower, Toronto, Ontario M5J 2J2).
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
(416) 786-7860
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 at
www.sedar.com
.
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/164539