Argo Closes Second Tranche of Financing and Operations Update
Toronto, November 2, 2023 - Argo Gold Inc.'s. (CSE: ARQ) (OTCQB: ARBTF) (FSE: P3U) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") oil production results for September 2023:
| Lindbergh Oil Production | Argo's 37.5% interest | Argo's Oil Revenue | Argo's net operating cash flow | |
| September 2023 | 115 bbl/day | 43.4 bbl/day | $115,536 | $83,068 |
Argo also announces that the seven leg multi-lateral horizontal Lloyd oil well in the Sparky formation was completed in late September and has been on production since early October. Argo's interest in the Lloyd oil well is 18.75%.
The Company also announces that it has closed the second tranche of its previously announced non-brokered private placement. In the second tranche, the Company issued 2,700,000 common shares at a price of $0.10 per share for gross proceeds of $270,000. The shares issued under the financing are subject to a four-month and one day statutory hold period expiring on March 1, 2024.
Judy Baker, the CEO of the Company, acquired 800,000 shares for a total consideration of $80,000. The private placement is a related party transaction within the meaning of Multilateral Instrument 61-101 as insiders of the Company subscribed for an aggregate of 800,000 shares. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders does not exceed 25 per cent of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the Company deems reasonable in the circumstances as to be able to avail itself of the proceeds of the offering in an expeditious manner.
Argo is currently completing a non-brokered private placement of 12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000. The proceeds of the financing will be used for participation in the Sparky oil wells at Lindbergh and Lloyd, and for general corporate purposes. Finder's fees may be payable to qualified individuals pursuant to which the finder may receive a finder's fee equal to 8% of the gross proceeds of the financing attributable to such finder.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company. Information on Argo Gold can be obtained from SEDAR at www.sedar.com and on Argo Gold's website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) (CSE: ARQ) (OTCQB: ARBTF) (FSE: P3U) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS).
Judy Baker, CEO
(416) 786-7860
jbaker@argogold.ca
www.argogold.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling and surface preparation work, and not achieving hoped for exploration success. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available.
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