Aztec Minerals closes $10-million bought deal

Mr. Simon Dyakowski reports AZTEC MINERALS ANNOUNCES CLOSING OF UPSIZED C$10 MILLION BOUGHT DEAL PRIVATE PLACEMENT INCLUDING CONCURRENT EXERCISE OF OVER-ALLOTMENT OPTION Aztec Minerals Corp. has closed its previously announced bought deal private placement offering, including the full exercise of the overallotment option for aggregate gross proceeds of $10,004,655. Pursuant to the offering, the company sold 42,573,000 common shares of the company at a price of 23.5 cents per offered share (the issue price). Stifel Canada acted as the sole underwriter and bookrunner in connection with the offering. The underwriter fully exercised the overallotment option to purchase an additional 5,553,000 offered shares at the issue price. Simon Dyakowski, Aztec's president and chief executive officer, stated: "The closing of this upsized and over allotted $10-million bought deal financing represents a significant milestone for Aztec Minerals. The company is now well funded to advance our respective precious-metals-focused projects through accelerated exploration. The financing was subscribed to by institutional investors and provides for the necessary capital to further derisk our projects." In connection with the offering, the company paid the underwriter a cash commission of $700,326, equal to 7 per cent of the gross proceeds of the offering, and issued to the underwriter 2,980,110 non-transferable common share purchase warrants of the company, equal to 7 per cent of the number of offered shares sold under the offering. Each broker warrant entitles the holder to acquire one common share in the capital of the company at an exercise price equal to the issue price per broker warrant share at any time on or before Oct. 16, 2028. The company intends to use the net proceeds to conduct exploration work on its Tombstone gold-silver and CRD silver-lead-zinc-copper-gold project in Arizona, United States, and its Cervantes gold-copper project in Sonora, Mexico, as well as for general working capital purposes. The offered shares, broker warrants and broker warrant shares are subject to a hold period of four months and one day from the closing date of the offering in accordance with applicable Canadian securities laws. Aztec Minerals Corp. Aztec is a mineral exploration company focused on two emerging discoveries in North America. The Cervantes project is an emerging porphyry gold-copper discovery in Sonora, Mexico. The Tombstone project is an emerging gold-silver discovery with high-grade CRD silver-lead-zinc potential in southern Arizona. We seek Safe Harbor.