• 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.

More From The Market Online

Nickelex Resource to acquire Arlington Gold Property

Nickelex Resource (TSXV:NICK) acquires 100 per cent interest in nine claims within the Boundary District in south-central British Columbia.

Myriad Uranium secures mining lease at Copper Mountain

Myriad Uranium (CSE:M) has entered into a 20-year mining lease with Diamond X Ranch for the Copper Mountain Uranium Project.
Negotiating in a meeting room

Sitka Gold to acquire 100% ownership of Barney Ridge

Sitka Gold (TSXV:SIG) agrees to acquire a 100 per cent interest in the Barney Ridge Property in the Yukon.

Junior copper miner secures another major partner

Junior copper miner Midnight Sun Mining (TSXV:MMA) signs a cooperative exploration plan with First Quantum Minerals.