Aztec Minerals (TSXV: AZT) is set to have a new strategic investor. The company announced this morning that it will be conducting a private placement, with Alamos Gold (TSX: AGI) set to be a lead order on the financing.
The financing will see Aztec raise gross proceeds of $3.0 million at a price of $0.30 per unit. Each unit under the offering is set to contain one common share and one whole warrant. Warrants are valid for a period of two years from the date of issuance and contain an exercise price of $0.40 per each.
Alamos Gold is set to take the lead order on the offering, with its investment under the financing to result in the company taking a 9.9% interest in Aztec on a post-financing basis. Notably, Alamos’ Mulatos Gold Mine in Mexico is found just sixty kilometres to the east of Aztec’s Cervantes project.
Proceeds from the financing are to be used for the further exploration of Aztec’s Cervantes gold-copper project in Mexico, as well as its Tombstone property in Arizona, along with general working capital purposes.
Aztec Minerals last traded at $0.31 on the TSX Venture.
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