Symbol: AZM.TSX Venture
LONGUEUIL, QC, Dec. 15, 2017 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") (TSXV: AZM) announces that it plans to raise gross proceeds of up to $1,550,000 through a non-brokered private placement of up to 3,100,000 flow-through common shares of Azimut (the "FT Shares") at a price of $0.50 per FT Share (the "Offering").
The Offering is expected to close on or before December 29, 2017.
Proceeds from the sale of the FT Shares will be used by Azimut to incur eligible Canadian exploration expenses. Azimut will renounce the qualifying expenditures to subscribers of the FT Shares with an effective date as at December 31, 2017.
The securities issued under this financing will be subject to a hold period of four months from the closing date. The gross proceeds of the financing will be used for exploration programs on Azimut's mineral properties, including the Eleonore South JV Property.
The terms of the placement are subject to acceptance by the TSX Venture Exchange. No commissions or finder's fees will be paid in respect of the Offering.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is centred on target generation and concurrent partnership development. Targeting is performed using a pioneering proprietary approach to Big Data analytics, enhanced by extensive exploration know-how.
Azimut holds a strategic position for gold and base metals in Quebec, including one of the largest exploration portfolios in the James Bay region (21 properties covering 4,135 claims or 2,116 km2).
SOURCE Azimut Exploration Inc.
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450) 646-3045, [email protected]