- Argyle Resources (OTCQB: ARLYF) successfully raised $1.71 million through a non-brokered flow-through private placement.
- The proceeds will be directed towards exploration activities in Québec and Ontario.
- Securities issued are subject to a statutory hold period of four months and one day.
Argyle Resources (OTCQB: ARLYF) has completed a successful non-brokered flow-through private placement, raising gross proceeds of $1,712,800. The company issued units at a price of $0.58 per unit, each comprising one flow-through share and half a warrant. Each whole warrant allows the purchase of one common share at $0.68 within 24 months.
The funds raised will be used to further exploration activities at Argyle's resource properties in Québec and Ontario. In compensation for services rendered, Argyle paid $102,767.98 in cash and issued 177,180 broker warrants, which are exercisable at $0.68 for a period of 24 months.
All securities issued in connection with this private placement are subject to a statutory hold period of four months and one day. The flow-through structure is intended to provide tax benefits to the participating investors under Canadian tax law.
