Matthew Russell, President of Azteca Gold Corp. wishes to provide an update on its current private placement.
Further to the Company’s March 11, 2009 press release, a total of 3,525,807 units were issued pursuant to a first closing on April 17, 2009, for total gross proceeds of CAD $705,161. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share for $0.35 for a period of 2 years from the date of closing.
“We have decided to hold a first closing on our present financing today at the request of investors who have come in over the last several weeks in order to insure that they receive the present unit pricing,” said Mr. Russell. “Further, for a number of reasons, management and Board members were barred from personally participating in this first closing even though insiders have participated in every financing the Company has held to date.”
Funds from this private placement will be used for drilling and assaying expenses at the Company’s 50% owned Two Mile Project as well as for general corporate purposes.