Argo Gold Announces Second Closing of Units and Flow-Through Shares
Toronto, CANADA, December 24, 2018 – Argo Gold Inc. (“Argo Gold” or the “Company”) (CSE: ARQ) is pleased to announce that on December 21, 2018 it completed the second tranche (“Second Tranche”) of its previously announced non-brokered private placement offering through the issuance of 125,555 units (“Units”) at a price of $0.18 per Unit and 1,023,000 flow through shares (“Flow Through Shares”) at a price of $0.22 per Flow Through Share, for aggregate proceeds of $247,660, of which a significant portion came through Topleft Securities Ltd. Each Unit consists of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) with each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.25 for a period of twelve (12) months from the date of closing of the Second Tranche.
In connection with the issuance of the Units and Flow-Through Shares subscribed for in the Second Tranche, the Company paid a finder’s fee equal to $18,407.20 and issued an aggregate of 84,560 broker warrants (the “Broker Warrants”), including to Topleft Securities Ltd. Each Broker Warrant is exercisable into one Common Share at a price of $0.25 per share for twelve (12) months from the date of closing of the Second Tranche. The securities issued in connection with the Second Tranche are subject to a hold period of four months and a day from the date of closing of the Second Tranche.
The net proceeds from the Unit offering will be used for general corporate purposes. The gross proceeds from the Flow-Through Share offering will be used for Canadian Exploration Expenses, and will qualify as “flow-through mining expenditures”, as defined in the Income Tax Act (Canada).