Business
Aztec Minerals Closes $0.955 Million Final Tranche of $3.08 Million Private Placement Financing and Makes Loan Repayment
VANCOUVER, BC / ACCESSWIRE / July 24, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF)...
About this update from Aztec Minerals Corp.
[{"type":"text","content":"Aztec Minerals Closes $0.955 Million Final Tranche of $3.08 Million Private Placement Financing and Makes Loan RepaymentVANCOUVER, BC / ACCESSWIRE / July 24, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) announces that it has closed the final tranche of its recently announced private placement equit0y financing. The final tranche of the private placement consisted of 3.18 million units priced at CAD$0.30 per unit for total proceeds of CAD$955,000. Each unit consists of one common share in the capital of the company and one-half (1/2) warrant with each full warrant exercisable to purchase an additional common share at an exercise price of CAD$0.40 for a two-year period following the closing of the private placement.The securities are subject to a four-month plus one day hold period ending on November 25, 2020 in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the \"Exchange\"). Finders' fees were paid in cash and warrants, having the same terms as the warrants issued to purchasers under the private placement, on certain portions of the financing. The private placement is subject to the final acceptance of the Exchange.The Company intends to use the net proceeds of the unit private placement to conduct exploration work on its Tombstone CRD silver-gold-lead-zinc-copper project in Arizona and its Cervantes Porphyry gold-copper project in Mexico, and for general working capital purposes.Also the Company repaid working capital loans of CAD$60,000 plus interest to two directors and a strategic investor. The demand loans bear interest at a rate of 12% per annum and had a term of 6 months which can be prepaid without penalty.About Aztec Minerals - Aztec is a mineral exploration company focused on the discovery of large mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone property hosts both bulk tonnage epithermal gold-silver as well as CRD massive sulfide silver-lead-zinc-copper mineralization in Cochise County, Arizona. Aztec's shares trade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).\"Joey Wilkins\"_______________________________Joey Wilkins, Chief Executive OfficerAztec Minerals Corp.Contact Information - For more information, please contact:Joey W...