Aztec Minerals (AZT.V) has now completed its Initial Public Offering and will start trading on the TSX Venture Exchange from today on.
Haywood Securities has placed 11.5 million units of Aztec for total proceeds of C$4.03M, with each unit consisting of one share and ½ warrant. Each full warrant entitles the warrant holder to purchase an additional share at C$0.50, within 24 months after the completion of the placement. When exercised, these warrants will add C$2.9M to Aztec’s treasury. Coeur Mining (CDM.TO, CDE) has subscribed for 9.99% of Aztec’s share capital.
The company will be focusing on the district-scale Cervantes property, which is a copper-gold porphyry project in Mexico’s Sonora state. The main target is a 600 by 900 meters oxide gold outcrop where the company expects to find a larger sulphide copper-gold body below the oxide zone.
The oxide gold zone will be drilled first, and Aztec has earmarked C$540,000 for exploration expenses with a drill program expecting to start right after the rainy season, and this will already provide Aztec with a lot more details about what it’s really sitting on at Cervantes whilst it’s completing its earn-in deal with Kootenay Silver (KTN.V) to earn a 100% ownership of the property.
The author has a long position in Aztec Minerals. Please read the disclaimer