|July 27, 2012|
Company Arranges $887,000 Private Placement
|July 27, 2012 , Vancouver, BC -- ( CNSX:ARO) Les Kjosness, President & CEO, is pleased to announce it has arranged a non-brokered private placement, subject to regulatory approval, of up to 17,740,000 units at a price of $0.05 per unit, for the gross value of Cdn. $887,000. Each unit will consist of one common share and one purchase warrant. Each warrant entitles the holder to purchase an additional common share of the Company at an exercise price of $0.10 per share for a period of one year. There will be a company insider created from this private placement.|
A 7% finder's fee may be payable in cash or shares in connection with some or all of this private placement. And, this private placement replaces the ones announced December 14, 2011.
A percentage of these funds is apportioned to pay the taxes and to develop our 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.
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: Thu Aug 2, 2012, Company Closes $877,000 Private Placement
You can view the Previous News Releases item: Wed Dec 14, 2011, Company Announces $1,000,000 Private Placement
You can return to the main News Releases page, or press the Back button on your browser.