Business
Aztec Arranges $60,000 in Working Capital Loans
VANCOUVER, BC / ACCESSWIRE / May 22, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) ("A...
About this update from Aztec Minerals Corp.
[{"type":"text","content":"Aztec Arranges $60,000 in Working Capital LoansVANCOUVER, BC / ACCESSWIRE / May 22, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) (\"Aztec\" or the \"Company\") announces it has arranged an aggregate of CAD$60,000 in loans from two insiders and a strategic investor. Each loan bears interest at a rate of 12% per annum, payable on maturity, and has a term of 6 months, provided that the Company may prepay without penalty. Subject to regulatory approval, a loan bonus totaling 300,000 warrants will be issuable to the lenders, with each warrant being exercisable to acquire one common share at an exercise price of $0.20 for a period of one year.Funds from the loans will be used for working capital purposes.The loans and related loan bonus constitute \"related party transactions\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), as two of the lenders, Bradford Cooke and James Schilling, are directors of the Company. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with loans in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the transaction does not exceed 25% of the Company's market capitalization. The loans and related loan bonuses have been reviewed and approved by a majority of the independent directors of the Company.\"Joey Wilkins\"____________________________Joey Wilkins, Chief Executive OfficerAztec Minerals Corp.About Aztec Minerals - Aztec is a mineral exploration company focused on the discovery of large gold-copper deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone properties host both bulk tonnage epithermal gold-silver as well as CRD silver-lead-zinc mineralization in Cochise County, Arizona. Aztec's shares trade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).Contact Information - For more information, please contact:Joey Wilkins, President and CEO or Bradford Cooke, ChairmanTel: (604) 685-9770Fax: (604) 685-9744Email: [email protected]: www.aztecminerals.comNeither the TSXV nor its Regulation Services Provider (as that term is defined in the policies o...