Symbol: AZM-TSX Venture Exchange
LONGUEUIL, QC, Dec. 18 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") announces the closing of a $2,876,125 private placement of 767,500 units of Azimut at a price of $0.75 per unit and 2,675,000 flow-through shares at a price of $0.86 per share. The placement was made through Desjardins Securities Inc., as agent ("Desjardins" or the "Agent").
Each unit at a price of $0.75 is comprised 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) common share at a price of $0.95 for a period of 24 months.
The over-allotment option entitling the Agent to purchase up to an additional 15% of the Offering has been exercised on the flow-through part of the financing.
The issued securities are subject to a four-month hold period. The gross proceeds of the financing will be used for general corporate purposes, exploration work and business development. Intermediary fees have been paid to Desjardins.
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 gold, uranium and rare earth elements.
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.
SOURCE Azimut Exploration Inc
For further information: For further information: Jean-Marc Lulin, President and Chief Executive Officer, (450) 646-3015, Fax: (450) 646-3045, firstname.lastname@example.org; www.azimut-exploration.com