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  • Aztec Minerals (TSXV:AZT) arranges non-brokered private placement worth C$430,000
  • The company will issue 8.6 million units at C$0.05
  • Raised funds to go towards exploration work at Tombstone and Cervantes projects
  • AZT shares were up 23 per cent and traded at C$0.08 per share

Mining company Aztec Minerals (TSXV:AZT) has arranged a non-brokered private placement to fund its projects in the United States and Mexico.

It has agreed to issue 8.6 million units to sophisticated investors, shareholders and company directors at C$0.05 per share, for a gross proceed of C$430,000.

The company intends to use the monies raised for general working capital and exploration programs at its Arizona-based Tombstone CRD silver-gold-lead-zinc-copper project and its Cervantes porphyry gold-copper project in Sonora state. 

Each unit is made up of one common share in the company’s capital and a one-half warrant.

One full warrant is exercisable to purchase an one additional common share at a price of C$0.10 for a two-year period after the placement’s closing date.

Aztec Mineral shares were up 23 per cent and traded at C$0.08 per share.

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