Aztec Minerals Announces $5 Million Bought Deal Private Placement of Units
Aztec secures financing to advance the Tombstone project, supporting maiden resource definition and step-out drilling activities.
Aztec Minerals Corp. announced a $5 million bought-deal private placement of 15,625,000 units priced at C$0.32 per unit. Each unit consists of one common share and one-half of a warrant exercisable at C$0.42 for a period of 24 months. The company stated that the proceeds will be used to fund exploration at its Tombstone project in Arizona and its Cervantes project in Mexico, as well as to support general working capital.
Concurrently, Aztec reported drill results that extend the strike length of the Tombstone Contention system by 255 meters to over 1,250 meters, highlighting high-grade oxide gold-silver intersections. The company is targeting a maiden mineral resource estimate for Tombstone for the fourth quarter of 2026.
Aztec Minerals Corp. (AZT) raised $5 million in a routine capital raise for an exploration-stage company advancing toward a maiden resource. The financing provides necessary runway to complete the Q4 2026 MRE and continue step-out drilling. The issue price of C$0.32 represents a modest discount to the recent trading range of $0.33–$0.36, which is standard for bought-deal financings to attract underwriters and institutional buyers.
Concurrent drill results demonstrating continuity and extension of the oxide zone are expected and support the upcoming MRE. The news is incremental and expected, mitigating near-term cash burn risk while introducing dilution of approximately 15.6 million new shares plus warrants.
Aztec Minerals Corp. is an exploration-stage company focused on precious metals in North America. Its flagship project is the Tombstone Gold-Silver District in Arizona, USA, where the company holds an 85% interest in the joint venture. The property covers approximately 2,500 acres and sits in a historic district that produced approximately 32 million ounces of silver and 250,000 ounces of gold between 1878 and 1939. The company is targeting shallow, bulk-tonnage, oxidized gold-silver mineralization amenable to heap leaching, with deeper carbonate replacement deposit (CRD) and skarn potential.
The company also owns the Cervantes Gold-Copper Property in Sonora, Mexico, on a 100% basis. This secondary project focuses on oxide gold zones and porphyry systems.