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Aztec Minerals Closes Final Tranche of Oversubscribed $1.55 million Private Placement
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About this update from Aztec Minerals Corp.
[{"type":"text","content":"Aztec Minerals Closes Final Tranche of Oversubscribed $1.55 million Private Placement Not for distribution to United States newswire services or for dissemination in the United StatesAlamos Gold Inc. (TSX: AGI, NYSE: AGI) participated in the private placement with a subscription for 625,000 units, for aggregate consideration of $140,625Financing upsized to $1.55 million due to strong investor interestVANCOUVER, BC / ACCESSWIRE / September 25, 2023 / Aztec Minerals Corp. (AZT:TSX-V)(OTCQB:AZZTF) (\"Aztec\" or the \"Company\") announces that, further to its news releases dated August 8, 2023 and August 29, 2023, the Company has closed the second and final tranche (the \"Final Tranche\") of its non-brokered private placement (the \"Private Placement\"), consisting of 2,840,389 units (the \"Units\") at a price of CAD$0.225 per Unit for gross proceeds of CAD$639,087 under the Final Tranche. Aggregate gross proceeds from both the first tranche and Final Tranche of the Private Placement are approximately CAD$1,550,663.Each Unit is comprised of one common share of the Company and one half of one transferable common share purchase warrant (the \"Warrants\"). Each whole Warrant is exercisable to purchase one common share of the Company at a price of CAD$0.30 per share for a period of three years from the date of issuance. The Company paid cash finder's fees and issued finder warrants in connection with a portion of the first tranche of the Private Placement (see Aztec's news release dated August 29, 2023). No fees were payable in connection with the Final Tranche.Simon Dyakowski, Aztec Minerals President & CEO stated, \"We are pleased to complete this financing and are grateful for the ongoing support of our existing shareholders and several new shareholders. Notably, Aztec's largest shareholder, Alamos Gold Inc. (TSX: AGI, NYSE: AGI) subscribed for 625,000 Units of the financing, thereby maintaining their equity ownership of approximately 8.8% on an undiluted basis.\"The CEO participated in the Private Placement and acquired 400,000 Units, which constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company has relied on the exemption from the formal valuation requirement in Section 5.5(b) of MI 61-101, as ...