Canadian silica, gold explorer Argyle announces two offerings to raise $1.2m
Canada-listed silica, gold and silver explorer Argyle Resources Corporation has announced it will undertake a non-brokered private placement to raise up to $620 000 from the issue of 2.7-million shares at a price of $0.23 a unit.
Each unit will consist of one common share of the company and one common share purchase warrant that entitles the holder to purchase an additional common share at a price of $0.31 apiece.
Concurrently, Argyle intends to complete a Listed Issuer Financing Exemption (LIFE) offering consisting of up to 2.5-million units of the company at a price of $0.23 apiece to raise gross proceeds of $590 000. Each LIFE unit will consist of one common Argyle share and one common share purchase warrant that is exercisable at the same $0.31 apiece price. Notably, the LIFE warrants will not be exercisable until 60 days after the closing date of the LIFE offering, while the private placement warrants will be exercisable immediately.
The net proceeds from the offerings will be used for mineral property exploration activities and expenditures, general working capital purposes, and legal and accounting expenses.
The offerings are scheduled to close on or about June 20.
Argyle holds a 100% interest in the Pilgrim Islands, Matapédia, Lac Comporté and Saint Gabriel quartzite-silica projects in Québec, Canada, and has entered into an option agreement to acquire a 100% interest in the McKay Hill silver/gold property in Yukon, Canada.
