Vancouver, BC (FSCwire) – Aztec Minerals Corp. (AZT: TSX-V) (“Aztec”) is pleased to announce that it has completed a CA$4 million Initial Public Offering (“IPO”) and listing as a Tier 2 company on the TSX Venture Exchange (“TSX-V”). Aztec’s common shares are expected to commence trading on the TSXV under the symbol “AZT” on May 4, 2017.
Haywood Securities Inc. (“Haywood”) acted as Aztec’s exclusive agent in respect of the IPO, which consisted of the issuance of 10,000,000 units (“Unit”) at a price of CA$0.35 per Unit for initial gross proceeds of CA$3,500,000. Each Unit is comprised of one common share and one-half of a transferable common share purchase warrant (“Warrant”), with each full Warrant being exercisable to purchase one additional common share at an exercise price of CA$0.50 for 24 months from the closing date of the IPO. In addition, Haywood exercised its option to sell up to an additional 1,500,000 Units of Aztec (“Over-Allotment Option”) for total gross proceeds of CA$4,025,000.
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.
Gross proceeds of CA$4.0 million from the IPO 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.