Azteca Gold Corp. Announces First Closing of Private Placement
January 02 2009 - 1:49PM
Marketwired
Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG)
("Azteca" or the "Company") announces that on December 31, 2008 the
Company closed a non-brokered private placement for gross proceeds
of $1,183,302. The Company issued 23,666,044 units, each unit
consisting of one common share and one-half share purchase warrant.
Each warrant entitles the holder to purchase one common share for
$0.25 until December 31, 2010. Shares issued pursuant to this
financing are subject to a 4 month hold period ending May 1, 2009.
The Company will extend the private placement by conducting a
second and final closing on or before Wednesday, January 7, 2009.
The Company will sell up to an additional 10,000,000 Units for
gross proceeds of CAD $500,000.
Funds will be used for drilling and assaying expenses on the
Company's 50% owned Two Mile Project as well as general working
capital. Insiders subscribed for 63.1% of the amount raised.
Timing of Two Mile Project Assays
The Company expects to receive first preliminary assays on the
mineralization of hole DDH-005A from the assay lab the week of
January 5, 2009. Assaying and subsequent assay releases will be
ongoing for holes DDH-005A, DDH-005B, and DDH-006 during 2009.
WARNING: the Company relies upon litigation protection for
"forward looking" statements. The information in this release may
contain forward-looking information under applicable securities
laws. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results
to vary materially include, but are not limited to, changes in laws
or regulations, the risks of obtaining final approval from
necessary regulatory bodies in connection with the Private
Placement, inaccurate assumptions concerning the exploration for
and development of mineral deposits and timing related to receipt
of the preliminary assays. Readers are cautioned not to place undue
reliance on this forward-looking information. The Company does not
assume the obligation to revise or update this forward-looking
information after the date of this release or to revise such
information to reflect the occurrence of future unanticipated
events, except as may be required under applicable securities
laws.
Shares issued: 136,441,996
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Azteca Gold Corp. Jon Slizza VP of Finance (509)
981-2020 Email: info@azteca-au.com
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