Argonaut Gold Announces Upsize of Bought Deal Private Placement of Flow-Through Shares to C$17.5 Million

Provided By Globe Newswire

Last update: Apr 27, 2023

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, April 27, 2023 (GLOBE NEWSWIRE) -- Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to announce that it has amended the agreement with a syndicate of underwriters led by Scotiabank and Cormark Securities Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to buy on a “bought deal” private placement basis, subject to a right to substitute purchasers, for aggregate gross proceeds of approximately C$17.5 million, as follows: (i) 6,613,800 common shares of the Company to be issued as “flow-through shares” with respect to “Canadian exploration expenses” (the “CEE Flow-Through Shares”) at a price of C$0.756 per CEE Flow-Through Share for gross proceeds of C$5,000,033; and (ii) 18,656,800 common shares of the Company to be issued as “flow-through shares” with respect to “Canadian development expenses” (“CDE Flow-Through Shares”, and together with the CEE Flow-Through Shares, the “Flow-Through Shares”) at a price of C$0.67 per CDE Flow-Through Share for gross proceeds of C$12,500,056.