Argonaut Gold Inc. Announces C$40 MILLION Bougth Deal Financing

Toronto, Ontario (February 23, 2017) – Argonaut Gold Inc. (“Argonaut” or the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 16,700,000 common shares (the “Common Shares”), at a price of C$2.40 per Common Share for gross proceeds of approximately C$40 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about March 15, 2017 and is subject to Argonaut Gold Inc. receiving all necessary regulatory approvals. The net proceeds of the offering will be used for the acquisition of properties adjacent to the El Castillo Mine and for general corporate purposes.

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