Aztec Minerals (AZT.V) is raising some cash ahead of an anticipated drill program on its Tombstone project in Arizona. The company initially planned to raise C$1.5M in a LIFE offering priced at C$0.18 per unit with each unit consisting of one common share and half a warrant. Each full warrant allows the warrant holder to acquire an additional share of Aztec Minerals at C$0.25 during a two year period. Due to strong investor demand, the size of the offering was subsequently increased to C$2.5M.
As this is a LIFE offering, all securities will be immediately free tradeable (there is no hold period) and that explains why the share price on the market has dropped to C$0.18, the unit price.
We anticipate a swift closing, which will allow Aztec to immediately get busy in the field and follow up on its previous positive exploration results at Tombstone.
Disclosure: The author has a long position in Aztec Minerals. Aztec is a sponsor of the website. Please read the disclaimer.
