|December 14, 2011|
Company Announces $1,000,000 Private Placement
|December 14, 2011, Vancouver, BC - ( CNSX:ARO) Les Kjosness, President & CEO, announces a non-brokered private placement, subject to regulatory approval, of up to 20,000,000 million units at a price of $0.05 per unit for gross proceeds of up to $1,000,000. Each unit will consist of one common share and one transferable common share purchase warrant exercisable at a price of $0.05 for a period of 48 months from closing of the offering. The private placements announced July 5 and September 15, 2011 have been cancelled.|
A 7% finder's fee may be payable in cash or shares in connection with some or all of this private placement.
The intent of the private placement is to raise funds for exploration of Armadillo's Amazon Basin properties in Brazil and for general corporate use.
These projects in northern Brazil encompass 154 concessions in the states of Amazonas, Mato Grosso and Rondonia and comprise approximately 1,250,000 hectares of processos minerais (mineral exploration). Most of the claims have been staked over Archaen to Lower Proterozoic greenstone belts which are considered to be prospective for gold. Gold production by artisanal miners (garimpeiros) in northern Mato Grosso from the end of the 1970 to 2000 is reported by the National Department of Mineral Production (DNPM) to have totaled 123t.
In other news, following the Company's Annual General Meeting held earlier in December, Anthony Pickett, a businessman residing in Australia has been appointed to the Board of Directors. Mr. Pickett has 22 years' experience consulting to the mining industry.
On behalf of the Board,
President and Director
For further information:
Les Kjosness: 604-408-6500
Kirsti Mattson: 778-434-2241Media
The CNSX has neither approved nor disapproved of the 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.
You can view the Next News Releases item: Fri Jul 27, 2012, Company Arranges $887,000 Private Placement
You can view the Previous News Releases item: Tue Oct 11, 2011, Company Terminates Joint Venture Agreement: Aripuana Property, Brazil
You can return to the main News Releases page, or press the Back button on your browser.