Aztec Minerals Corp. (TSX-V: AZT) has completed its proposed initial public offering of 11,500,000 units, including 1,500,000 units issued pursuant to exercise of over-allotment option, at $0.35 per unit for gross proceeds of $4,025,000.
Haywood Securities Inc. acted as Aztec’s exclusive agent in respect of the IPO. Axium Law Corporation and Miller Thomson LLP acted legal counsel to Aztec and the agent respectively.
Aztec Minerals’ common shares are expected to commence trading on the TSX Venture Exchange under the symbol “AZT” on May 4, 2017.
Coeur Mining, Inc. subscribed for 1,919,876 units of the IPO which represents 9.99% of the issued shares on a partially diluted basis upon completion of the IPO and over-allotment option.
Proceeds will be directed primarily to exploring Aztec’s Cervantes Property, a road accessible porphyry gold-copper prospect located in the state of Sonora, Mexico, approximately 50km west of the Mulatos gold mine of Alamos Gold and about 265km southeast of the Buenavista del cobre (Cananea) copper mine of IMMSA.
Aztec has identified one main porphyry gold-copper target and several peripheral targets on the Cervantes Property. The first target, named the “California” zone, is a 900m long by 600m wide, outcropping oxide gold prospect in a near surface “supergene” zone, underlain by a larger sulfide gold-copper target at depth in the “hypogene” zone, both zones typical of porphyry gold-copper deposits.
Aztec expects to complete the Phase 1 drill program after the rainy season ends late this summer.
“We appreciate the long standing support of our private shareholders and the new support of our public shareholders including Coeur Mining through the IPO with Haywood. The Cervantes Property offers our shareholders excellent potential for the discovery of a porphyry gold-copper deposit in a well-established but under-explored porphyry gold-copper belt. We look forward to advancing Cervantes through exploration and building Aztec into an exciting new business venture,” said Aztec’s President and CEO, Joey Wilkins.
photo credit: Aztec Minerals