Aztec Minerals Announces Closing of Upsized C$6.4 Million Bought Deal Private Placement Including Concurrent Exercise of Underwriter's Option
Aztec raises C$6.4m to fund tombstone and cervantes exploration ahead of q4 maiden resource estimates.
Aztec Minerals Corp. has closed an upsized bought-deal private placement, raising C$6,403,200 in gross proceeds. The company issued 20,010,000 units at C$0.32 per unit, a figure that includes the full exercise of the underwriter's 15% over-allotment option.
Each unit consists of one common share and one-half of one common share purchase warrant. The warrants are exercisable at C$0.42 per share for 24 months from closing. Additionally, 990,600 broker warrants were issued at C$0.32 and will expire in September 2028.
Net proceeds from the offering are allocated to exploration on the Tombstone project in Arizona and the Cervantes project in Mexico, as well as for general working capital. Shares and warrants carry a statutory hold period of four months and one day.
Aztec Minerals Corp. (AZT) has completed a financing round as part of its ongoing exploration campaign, continuing a strategy of raising capital through bought deals to support aggressive drilling at Tombstone and surface work at Cervantes. The shares were issued at C$0.32, a modest discount to the recent trading range of $0.33–$0.37, a pricing structure standard for bought deals that introduces near-term dilution.
The capital raise extends the company’s cash runway, providing the necessary funds to complete the 22,000+ meter drill program and the anticipated maiden Mineral Resource Estimate (MRE) in Q4 2026. The release does not include new strategic partnerships, M&A activity, or breakthrough assay results; it serves purely as a funding mechanism to advance previously announced exploration milestones.
Aztec Minerals Corp. is an exploration-stage company focused on precious metals, including gold, silver, and copper, across two primary jurisdictions: Arizona, USA, and Sonora, Mexico. Its flagship project is the Tombstone Gold-Silver District, in which it holds an 85% joint venture interest. Located 100 km southeast of Tucson, Arizona, the historic district produced approximately 32 million ounces of silver and 250,000 ounces of gold between 1878 and 1939.
Current work at Tombstone aims to expand shallow, bulk-tonnage oxide gold-silver mineralization around the historic Contention pit while testing deeper Carbonate Replacement Deposit (CRD) sulfide targets beneath the Bisbee Formation. The company also owns the Cervantes Gold-Copper Property in Sonora, Mexico. This secondary project features a high-level porphyry system with strong surface and drill intercepts along a 6.0 km structural corridor.
Aztec Minerals remains in the exploration stage, with no compliant mineral resources or reserves currently existing. The company targets maiden Mineral Resource Estimates (MREs) for the fourth quarter of 2026 and a maiden Preliminary Economic Assessment (PEA) for Tombstone in 2027.