|August 26, 2010|
Company Arranges Two Private Placements
|August 26, 2010, Vancouver, BC - (TSX.V: ARO) Les Kjosness, President & CEO, is pleased to report the Company has arranged two non-brokered private placements, subject to regulatory approval.|
The first consists of a flow-through private placement of 250,000 units at a price of $0.10 per unit, for gross proceeds of $250,000 Cdn. Each unit will consist of one common share and one half share purchase warrant. One full warrant entitles the holder to purchase an additional common share of the Company at an exercise prise of $0.15 per share for a period of two years.
The second consists of a non flow-through private placement of 15,000,000 units at a price of $0.10 per unit, for gross proceeds of $1,500,000. Each unit consists of one common share and one purchase warrant. One full purchase warrant entitles the holder to purchase one additional common share of the company at an exercise price of $0.15 per share for a period of two years.
Funds from these placements will be used to continue the exploration of the Company's properties located in British Columbia and for general corporate and administrative purposes.
A finder's fee may be payable in connection with these non-brokered private placements.
Armadillo Resources' mandate is to acquire, explore and develop base and precious metals properties throughout North America and we continue to seek out other properties to add to our portfolio.
On behalf of the Board,
President and Director
For further information:
Les Kjosness: 604-408-6500
Kirsti Mattson: 604-202-2484 media
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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