Arizona Metals raising C$15m to triple Kay Mine drilling
Looking northeast at drill rigs at Arizona Metals’ Kay mine project, Yavapai County, Arizona. Photo Credit: Arizona Metals
Toronto-based Arizona Metals (TSXV: AMC) has entered into an agreement with a syndicate of underwriters, led by Stifel GMP and Clarus Securities, to raise C$15 million. These funds are expected to allow the Arizona-focused explorer to triple its Kay Mine phase 2 expansion drill program that is ongoing to 75,000 metres, from 25,000 metres.
The underwriters have agreed to purchase 7.15 million special warrants at C$2.1 each, on a bought deal private placement basis with the option to purchase up to an additional 1.1 million warrants before 48 hours of the deal closing.