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Aztec Minerals Increases Private Placement and Closes First Tranche
Not for distribution to United States newswire services or for dissemination in the United States...
About this update from Aztec Minerals Corp.
[{"type":"text","content":"Aztec Minerals Increases Private Placement and Closes First TrancheNot for distribution to United States newswire services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / August 29, 2023 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) (\"Aztec\" or the \"Company\") announces that, further to its news release dated August 8, 2023, the Company has closed the first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Private Placement\"), consisting of 4,051,450 units (the \"Units\") at a price of CAD$0.225 per Unit for gross proceeds of CAD$911,576. 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 closing date of the First Tranche.Due to investor interest in the private placement, Aztec intends to increase the financing from the original stated amount of up to CAD$1 million to up to CAD$1.2 million. Closing of the second and final tranche of the Private Placement is expected to occur on or before September 12, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.The Company paid aggregate cash finder's fees of $17,032.50 and issued 75,700 non-transferable finder warrants to certain finders and brokers on a portion of the First Tranche of the Private Placement. 18,142 of the finder warrants have the same terms as the Warrants and 19,180 of the finder warrants are each exercisable to purchase one common share of the Company at a price of CAD$0.225 per share for a period of two years from the closing date of the First Tranche.The Company intends to use the proceeds of the Private Placement to conduct exploration work on its Cervantes porphyry gold-copper project in Sonora, Mexico, and its Tombstone epithermal gold-silver & CRD silver-lead-zinc-copper-gold project in Arizona, USA, as well as for general corporate purposes and working capital.All securities issued pursuant to the First Tranche of the Private Placement are subject to a statutory hold period of four months and one day from the closing date in accordance with applicable Canadian ...