Amarillo updates its capital after exercise of the warrants
TORONTO, June 16, 2021 (GLOBE NEWSWIRE) – Research Capital Corporation (formerly Mackie Capital Corporation) has exercised all of its 1,355,940 broker compensation option units (CPUs), said Amarillo Gold Corporation (TSXV: AGC , OTCQB: AGCBF) today.
Issued in August 2019 as a result of the traded portion of two private placements, the CPUs had an exercise price of $ 0.20 per CPU and an expiration date of August 29, 2021. Amarillo issued 1,355,940 common shares of the Company and 1,355,940 warrants to subscribe to ordinary shares upon exercise of the CPUs; each warrant may be exercised to acquire one common share at a price of $ 0.30 until August 29, 2021.
A small number of warrants expiring on August 29, 2021 were exercised early. The 149,000 warrants were part of the 50,025,000 common share purchase warrants issued on August 29, 2019, at a price of $ 0.30 per warrant as part of private placements that generated gross proceeds of $ 10,005,000.
In addition, 292,000 warrants at $ 0.30 were also exercised. These warrants were part of the 26,382,950 warrants issued at the close of the broker-less private placements on June 14, 2019, for total gross proceeds of $ 5,276,590. The remaining 26,090,950 warrants expired on May 31 and June 14, 2021.
A director also exercised 150,000 stock options at $ 0.28.
The exercise of the FPCs, warrants and stock options generated aggregate proceeds of $ 400,788. There are 51,380,940 warrants with an exercise price of $ 0.30 maturing August 29, 2021 and 20,320,000 options outstanding.
The total number of shares outstanding as of June 16, 2021 is 383,868,754.
Amarillo is advancing two gold projects located near excellent infrastructure in favorable mining states in Brazil.
The development phase of the Posse gold project is located on the company’s Mara Rosa property in the state of Goiás. It has a positive definitive feasibility study which shows that it can be integrated into a profitable operation with low costs and high financial return. Mara Rosa also shows the potential to discover other near-surface deposits that will extend the life of the Posse mine beyond its first 10 years. The exploration phase The Lavras do Sul project in the state of Rio Grande do Sul has more than 22 prospects centered on historic gold work.
Amarillo trades on the TSXV under the symbol AGC and on the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to learn more about the company’s goal of becoming a mid-tier Brazilian gold producer. follow us on LinkedIn, Twitter, and Youtube.
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.
This press release contains forward-looking statements regarding the Company’s current expectations regarding future events, including its business, operations and condition, as well as the objectives, strategies, beliefs and intentions of management.
Various factors may prevent or delay our plans, including, but not limited to, the price of the Company’s common shares, capital market conditions, impacts of coronavirus or other epidemics, counterparty risk, approval of the TSX Venture Exchange, contractor availability and performance, weather conditions, access, mineral and gold prices, as well as the success and failure of exploration and development carried out at various stages of the program. Government and community authorization is also required to proceed with future mine production. Readers should review the current quarterly and annual filings of the Company, as well as any additional documents comprising the Company’s public disclosure record, for additional information about the risks and uncertainties associated with such forward-looking statements.
Readers should also review the risk factors applicable to junior mineral exploration companies generally in order to better understand the variety of risks that can affect the Company. The Company assumes no obligation to publicly update or otherwise revise forward-looking statements, whether as a result of new information or future events or otherwise, except as required by law.