|October 06, 2010|
Company Closes both Private Placements Raising $758,000
|October 6, 2010, Vancouver, BC -- (TSX.V-ARO) Les Kjosness, President & CEO, is pleased to announce, subject to regulatory approval, the private placements announced August 26 and August 31 are both closed. |
The first is a flow-through private placement of 2,500,000 units at a price of $0.10 per unit for gross proceeds of $250,000 has been subscribed to 2,050,000 for a gross proceeds of $205.000.00. 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 price of $0.15 per share for a period of two years from the date of approval.
The second is a non flow-through private placement of 5,530,000 units at a price of $0.10 per unit for gross proceeds of $553,000. Each unit will consist 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 for a period of two years from the date of approval. All of the shares in these private placements are subject to a hold period ending February 5, 2011.
Funds from these placements will be used to continue the exploration of the Company's gold, silver and zinc properties located in British Columbia and for general corporate and administrative purposes.
A finder's fee will be payable in connection part of these non-brokered private placements.
The Company's complete story is available at: www.armadilloresources.com.
On behalf of the Board,
President and Director
For further information:
Les Kjosness: 604-681-8222
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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