AxioLogix arranges $5 million equity line; Azteca Gold prices C$1.5 million unit sale

New York, Aug. 13 - AxioLogix, Inc. has the biggest announcement in a very slow day for PIPE news Friday with its $5 million equity line of credit.

Meanwhile Azteca Gold Corp. announced a Canadian placement of equity units.

AxioLogix partners with Dutchess

AxioLogix said the investor for its equity line is Dutchess Opportunity Fund, II, LP.

The facility is available for three years and the company said its directors have decided that 3.6 million shares can be issued under the agreement.

As part of the agreement, there are limits on how much stock AxioLogix can sell to Dutchess. Any one draw is limited to 200% of the average daily volume of its common stock in the U.S. market for three trading days prior to the date of delivery, with a cap of $500,000.

The stock will be sold at 95% of the lowest daily volume-weighted average price during the five trading days starting the day after Dutchess receives notice. There is a floor of $0.30 for stock sales.

AxioLogix is an educational software and services provider based in Egg Harbor Township, N.J.

Its stock closed at $0.55 on Friday.

Azteca Gold raises drilling funds

From Canada, Azteca Gold announced terms on a C$1.5 million non-brokered private placement.

The company will sell 30 million units of one common share and one warrant at C$0.05 each.

The warrants are exercisable at C$0.10 for two years.

Azteca's stock closed at $0.05 on Thursday, the price at which the units were sold. The warrant strike price is a 100% premium to the closing stock level.

Proceeds will be used to complete drilling, logging and assaying of the current drill hole DDH-009 at the company's Two Mile project and for general working capital.

Spokane, Wash.-based Azteca Gold is a mineral exploration company focused mainly on exploring for gold and silver in Mexico and the United States.

Azteca also announced that it completed its previously announced purchase of Silver Royal Apex's 50% ownership in the Two Mile property.

The agreed value of Silver Royal's interest was C$6.4 million, an amount that is net of a C$2.6 million debt owed by Silver Royal to Azteca.

Azteca paid 128 million restricted common shares, resulting in Azteca owning 100% of the Two Mile project covering approximately 22 square miles in the Silver Valley of Idaho.

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