/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 23, 2020 /CNW/ - Argonaut Gold Inc. (TSX:
AR) ("Argonaut Gold" or the "Company") is pleased to
announce that it has closed its previously announced "bought deal"
public offering of 49,608,700 common shares of the Company
(including the full exercise of the Underwriters' over-allotment
option, the "Common Shares") at a price of C$2.55 per Common Share for aggregate gross
proceeds of C$126,502,185 (the
"Offering"). The Common Shares were offered and sold through
a syndicate of underwriters led by BMO Capital Markets
(collectively, the "Underwriters").
The Common Shares issued under the Offering were offered by way
of a short form prospectus dated July 17,
2020 in each of the provinces of Canada, except Québec. Copies of the final
short form prospectus and documents incorporated by reference
therein are available electronically under Argonaut Gold's issuer
profile on SEDAR at www.sedar.com.
The net proceeds of the Offering will be used to for the
advancement of the Company's Magino Project and for general
corporate purposes.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Argonaut Gold
Argonaut Gold is a Canadian gold
company engaged in exploration, mine development and
production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El
Castillo Complex in Durango,
Mexico, the La Colorada
mine in Sonora, Mexico and the
Florida Canyon mine in Nevada,
USA. Advanced exploration projects include the Magino project
in Ontario, Canada, the Cerro del
Gallo project in Guanajuato,
Mexico and the Ana Paula project in Guerrero, Mexico. The Company continues
to hold the San Antonio advanced
exploration project in Baja California
Sur, Mexico and several other exploration stage projects,
all of which are located in North
America.
Cautionary Note Regarding Forward-looking
Statements
This press release contains certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities laws concerning, among other
things, the Offering and the use of proceeds of the Offering. These
"forward-looking statements" and "forward-looking information" are
based on the opinions and estimates of management at the date the
statements are made, and are based on a number of assumptions and
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of Argonaut Gold and there is no assurance they will prove
to be correct. Although Argonaut Gold has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. Argonaut Gold believes that the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in this press release
should not be unduly relied upon. These statements speak only as of
the date of this press release. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, other than as required by applicable law.
For more information, contact:
Dan Symons
Vice President, Investor Relations
Phone: 416-915-3107
Email: dan.symons@argonautgold.com
SOURCE Argonaut Gold Inc.