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.
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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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