TORONTO - Arizona Metals Corp. (TSXV: AMC, OTCQX: AZMCF) (the 'Company' or 'Arizona Metals'), is pleased to announce that, further to its press releases dated January 4th, 2021 and January 5th, 2021, it has a closed an oversubscribed non-brokered private placement offering of 10,526,315 common shares of the Company at a purchase price of $0.95 per Common Share, for aggregate gross proceeds of $10,000,000.
Net proceeds of the Offering will be used to fund the acquisition of 107 acres of private land near the Kay Mine (subject to completion of due diligence on the property by the Company), for exploration and drilling at the Kay Mine VMS Project in Arizona, as well as general corporate and working capital purposes. The Company has also scheduled a second drill to arrive at the Kay Mine property during the week of February 8, 2021.
Marc Pais, CEO, commented: 'We appreciate the continued strong support from current shareholders and are also pleased to welcome new investors with significant experience and success in the exploration and mining industry. Arizona Metals is now in a very strong financial position of more than $14 million in cash. Prior to this financing, the Company had initiated a fully-funded Phase 2 exploration program of 11,000m at our Kay Mine Property in Arizona. The additional funds raised in this financing will allow us to expand the Phase 2 drill program beyond the 11,000 meters originally contemplated. To this end, the addition of a second drill will allow us to accelerate testing of targets both on strike and to the west of the Kay Mine.'
In connection with the Offering, the Company paid cash finder's fees to certain arm's length eligible finders of an aggregate of $210,000. All securities issued pursuant to the Offering are subject to a statutory hold period ending May 27th, 2021. The Offering is subject to TSX Venture Exchange acceptance of regulatory filings.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Arizona Metals Corp.
Arizona Metals Corp. owns 100% of the Kay Mine Property in Yavapai County, which is located on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any royalties. An historic estimate by Exxon Minerals in 1982 reported a 'proven and probable reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8 g/t gold, 3.03% zinc, and 55 g/t silver.' The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. (Fellows, M.L., 1982, Kay Mine massive sulphide deposit: Internal report prepared for Exxon Minerals Company)
The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on strike and at depth.
The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of '100 million tons containing 1.5 million ounces gold' at a grade of 0.5 g/t (Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld Inc.)
Contact:
Marc Pais
Tel: (416) 565-7689
Email: mpais@arizonametalscorp.com
Web: www.arizonametalscorp.com
ARIZONA METALS CORP. 
