|October 29, 2010|
Armadillo Announces $3.5 Million Private Placement
|October 29, 2010, Vancouver, BC -- (TSX.V: ARO) Les Kjosness, President & CEO, is pleased to announce the Company is arranging a private placement of $3,500,000Cdn, subject to regulatory approval. The offering consists of 11,666,666 units at $0.30 per unit. Each consists of one common share and one purchase warrant. Each purchase warrant entitles the holder to purchase one additional common share of the Company at a price of $0.50 per share for a period of one year. These funds will be used to explore and develop the newly acquired mineral claims in Brazil, the further development of the Waverley/Tangier and LD properties in B.C. and corporate use. |
There will be a finder's fee of 7% payable in stock or cash.
The Company reminds investors the reason for the stock halt remains unchanged, as reported in our news release of October 20, 2010. the TSX Exchange is reviewing all documents supplied by the Company. These are subject to the acceptance by the TSX as well as shareholders as noted in the TSX Regulatory Policy 5.2
On behalf of the Board,
President and Director
For further information:
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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