Argyle Resources closes C$1.2M dual offering of units

Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME00) has closed two concurrent share offerings, raising aggregate gross proceeds of C$1,209,800, according to a company statement.

The first offering, conducted under the listed issuer financing exemption, issued 2,565,000 units at C$0.23 each for gross proceeds of C$589,950. The second, a non-brokered private placement, issued 2,695,000 units at the same price for gross proceeds of C$619,850. Each unit in both offerings consists of one common share and one warrant exercisable at C$0.31 per share for 24 months from issuance.

Securities issued under the private placement are subject to a statutory hold period of four months and one day, as well as an exchange hold period of four months. Units from the listed issuer financing are not subject to resale restrictions under applicable securities laws.

The company paid finders a cash fee of C$120,980 and issued 526,000 finder's warrants, each exercisable at C$0.31 for 24 months.

Net proceeds are designated for mineral property exploration, general working capital, and legal and accounting expenses.

Separately, Argyle granted 1,600,000 stock options to certain directors and officers at an exercise price of C$0.23 per share. The options are exercisable for five years and vest four months and one day from issuance.

Argyle is a Calgary-based junior mineral exploration company holding interests in several quartzite-silica projects in Quebec and an option to acquire a silver-gold property in Yukon.

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