Aztec Minerals (AZT.V) announced last week it is planning to complete a non brokered private placement priced at C$0.225 per unit to raise a total of C$1M. The company would have to issue 4.44 million units with each unit consisting of one common share and half a warrant with each warrant allowing the warrant holder to acquire an additional share of Aztec Minerals for C$0.30 during a three year period.

According to the press release, the company plans to use the proceeds to continue the exploration activities on its two projects in Mexico’s Sonora state and in Arizona.

Disclosure: The author has a small long position in Aztec Minerals. Aztec is a sponsor of the website. Please read our disclaimer.

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