Azimut's Successful $8.7 Million Funding to Boost Exploration
Azimut Exploration Secures $8.7 Million Through Private Placement
LONGUEUIL, Québec – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) has successfully closed a strategic private placement, raising $8.7 million to enhance its exploration initiatives. This substantial funding will significantly bolster Azimut's capabilities in exploring key mineral projects.
Key Details of the Private Placement
On the closing date, Azimut reported the issuance of 14,520,666 common shares at a price of $0.60 per share, generating aggregate gross proceeds of $8,712,400. The participation includes a significant investment from Centerra Gold Inc. (TSX: CG), demonstrating strong strategic support for the Company.
Foundation of the Offering
The private placement consisted of two main components. Azimut issued 9,935,000 shares to Centerra, securing $5,961,000 in gross proceeds. Additionally, Azimut engaged in a concurrent non-brokered private placement with other investors, which provided further funding of $2,751,400.
Valuable Partnerships in Investment
Other entities involved in this successful financing include Agnico Eagle Mines Limited (TSX: AEM) and CDPQ Sodémex Inc., both of which exercised rights to join this equity offering, showcasing confidence in Azimut’s future growth potential. Moreover, investments from SIDEX LP, Fonds de solidarité FTQ, and NQ Investissement Minier LP also contributed to the funding round.
Use of Proceeds to Drive Exploration
The funding obtained through this offering is earmarked for several critical uses, primarily aimed at enhancing exploration activities on Azimut's key properties, specifically the wholly owned Wabamisk (gold-antimony) and Elmer (gold-copper) projects. The financial backing will allow Azimut to pursue business development and other corporate purposes more effectively.
Strategic Goals and Future Outlook
Azimut aims to advance its portfolio, with a focus on generating promising targets for precious metals and critical minerals. This effort aligns with the anticipated increase in exploration activity over the next year, particularly with the partner-funded exploration at Kukamas (nickel-copper-platinum-palladium).
Investor Rights and Company Plans
In relation to the private placement, Azimut has established an investor rights agreement with Centerra, which includes options for Centerra to participate in future equity issuances, reinforcing their commitment as a key partner in the Company’s growth trajectory.
About Azimut and Its Exploration Portfolio
As a leader in mineral exploration, Azimut Exploration holds the largest mineral exploration portfolio in Quebec, with a strategic focus on gold, copper, nickel, and lithium resources. The Elmer Gold Project stands out as a flagship venture, currently at the resource stage, showcasing considerable exploration potential.
Continued Advancements in Exploration Geoscience
Utilizing cutting-edge data analytics through the proprietary AZtechMine™ expert system, Azimut sets a new standard in mineral exploration. The Company is committed to rigorous financial discipline, ensuring its strong balance sheet and sound business practices.
Contact Information for Further Inquiries
For more information about Azimut's initiatives and future prospects, individuals can reach out to:
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President of Corporate Development
Tel.: (604) 202-7531
Email inquiries can be sent to info@azimut-exploration.com and for further details, the Company website is www.azimut-exploration.com.
Frequently Asked Questions
What is the total amount raised in the private placement?
Azimut raised a total of $8.7 million through the private placement.
Who were the key participants in the private placement?
Key participants included Centerra Gold Inc., Agnico Eagle Mines Limited, CDPQ Sodémex Inc., and several other investment entities.
How will the funds from the placement be utilized?
The funds will primarily be used to enhance exploration activities on key mineral properties like Wabamisk and Elmer.
What is Azimut's approach to mineral exploration?
Azimut employs innovative data analytics and maintains a systematic approach to exploring and developing mining locations.
What does this funding signify for Azimut's future?
The funding reflects strong confidence in Azimut's exploration strategy and positions the Company for future growth and development.
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