Aztec Minerals closes C$6.4M bought deal private placement

Aztec Minerals Corp. (TSX-V: AZT)(OTCQB: AZZTF) has closed a bought deal private placement, raising aggregate gross proceeds of C$6,403,200, according to a company statement.

The offering consisted of 20,010,000 units priced at C$0.32 per unit. Each unit includes one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at C$0.42 for 24 months from closing.

The closing includes the full exercise of the underwriter's option to purchase an additional 15% of units at the issue price, generating approximately C$835,200 in additional gross proceeds. Stifel Canada acted as the sole underwriter and bookrunner.

Aztec paid Stifel Canada a cash commission of C$316,992, equal to 6% of gross proceeds, and issued 990,600 non-transferable broker warrants exercisable at C$0.32 per share until September 22, 2028.

The company said it intends to use net proceeds for exploration at its Tombstone gold-silver and CRD silver-lead-zinc-copper-gold project in Arizona and its Cervantes gold-copper project in Sonora, Mexico, as well as for general working capital. All securities issued are subject to a hold period of four months and one day under Canadian securities laws.

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