Symbol: AZM.TSX Venture
LONGUEUIL, QC, Aug. 19 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut"
or the "Company") announces the closing of a non-brokered private placement
totalling $300,000 with SIDEX, a limited partnership company ($150,000), The
Fonds régional de solidarité FTQ Nord-du-Québec ($100,000) and Mr. Dennis
Wood, Azimut's Chairman of the Board ($50,000).
A total of 666,668 common shares was issued at a price of $0.45 per
share, each share accompanied by: (a) one half-warrant "A", each whole warrant
"A" entitling its holder to purchase one share of the Company at a price of
$0.60 per share over a 24-month period; and (b) one half-warrant "B", each
whole warrant "B" entitling its holder to purchase one common share of the
Company at a price of $0.80 per share over a 24-month period. All warrants are
subject to the terms of an acceleration clause.
If, starting the 4th month following closing, the closing price of the
common shares of Azimut as traded on the TSX Venture Exchange over a period of
20 trading days is equal to or greater than $0.85 ($1.15 for the "B"
warrants), the Company may accelerate the expiry date of the warrants, which
would then expire on the 30th day following deemed receipt of written notice
from the Company.
The proceeds of the financing will be used for general purposes,
technical work and business development. 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 mineral inventory of the
The Fonds régional de solidarité FTQ Nord-du-Québec is a limited
partnership sponsored by the Fonds de Solidarité FTQ. Its mandate is to invest
in companies in various economic activities, including the mining sector, in
Azimut is a leading exploration company in Quebec, using cutting-edge
targeting methodologies to generate quality projects and develop partnerships.
Azimut holds one of the largest property portfolios in Quebec, which is being
actively explored for uranium and gold through 10 option agreements with
funding industry partners.
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.
For further information:
For further information: Jean-Marc Lulin, President and Chief Executive
Officer, (450) 646-3015, Fax: (450) 646-3045, email@example.com;