Azimut announces a $5,200,000 non-brokered private placement
LONGUEUIL, QC, March 1 /CNW/ --
Symbol: AZM-TSX Venture Exchange
LONGUEUIL, QC, March 1 /CNW Telbec/ - Azimut Exploration Inc. ('Azimut') (TSXV: AZM) announces a non-brokered private placement of an amount of up to
$5,200,000 with a group of accredited investors. The placement will
consist of Units aggregating $4,200,000 and an additional $1,000,000 of
Flow-Through Common Shares.
The gross proceeds of the financing will be used to advance the REX
property, carry on other technical work and for general corporate
purposes and business development.
Each Unit will be issued at a price of $0.90 and will comprise of one
(1) common share and one half of one common share purchase warrant,
each whole warrant entitling its holder to subscribe for one (1)
additional common share at a price of $1.40 for a period of 12 months.
The Flow-Through Shares will be offered at a price of $1.20 per share.
The placement will be subject to a maximum of 5% finder's fees payable
in cash.
The warrants will be subject to an acceleration clause if the shares
trade at a price of $2.00 or higher for 20 consecutive trading
sessions.
This private placement is conditional to prior approval by the TSX
Venture Exchange. All securities issued in connection with this private
placement will be subject to a four (4) month hold period.
Azimut is a mineral exploration company using cutting-edge targeting
methodologies with the objective of discovering major ore deposits. The
Company holds the largest mineral exploration portfolio in Quebec,
including key gold, copper and uranium properties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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Jean-Marc Lulin, President and Chief Executive Officer
Tel.: (450) 646-3015 - Fax: (450) 646-3045
info@azimut-exploration.com www.azimut-exploration.com