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South32 closes strategic investment in Arizona Mining

Published by , Editorial Assistant
World Coal,

South32 Limited has announced that its subscription for 45 000 000 common shares in Arizona Mining Inc. (TSX: AZ) (Arizona Mining) at C$2.45 per share for a total investment of C$110.3 million has closed.

South32 now owns approximately 15% of the shares in Arizona Mining on a non-diluted, post subscription basis.

The Placement proceeds will be used to advance the Hermosa Project, in particular the Taylor Deposit to the feasibility and permitting stage.

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