Azimut announces the closing of a $350,000 private financing
Symbol: AZM.TSX Venture
LONGUEUIL, QC, June 20, 2014 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) announces the closing of a non-brokered private placement totalling $350,000 with SIDEX ($200,000) and SODÉMEX II ($150,000), both limited partnership companies.
A total of 1,166,668 common shares were issued at a price of $0.30 per share, each share accompanied by one half-warrant, each whole warrant entitling its holder to purchase one share of the Company at a price of $0.45 per share over a 24-month period. Administrative costs representing 3% of the placement have been paid in cash. All securities issued pursuant to this private placement are subject to a four-month holding period.
SIDEX is a limited partnership created by the Government of the Province of Quebec and the Solidarity Fund QFL to finance mining companies exploring in Quebec with the objective of diversifying the province's mineral inventory. SODÉMEX II is an institutional fund subsidiary of the Caisse de dépôt et placement du Québec.
The proceeds of the financing will be used to advance the Nantais Property (Au, Ag, Cu, Zn) and the Eastmain West Property (Cr, PGE, Ni), both wholly owned by Azimut. Exploration programs will be performed during the 2014 field season.
Azimut is a mineral exploration company with the objective of discovering major ore deposits. The Company's core business is project generation using cutting-edge targeting methodologies, along with partnership development. Over the past 10 years, Azimut has concluded 30 option agreements with major and junior partners on the Company's properties. Azimut firmly maintains its business strategy of developing new partnerships on its key properties.
Azimut has 37.6 million shares issued of which 48% are held by insiders and institutional shareholders. The Company has no debt and $2.2 million in working capital.
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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