Azimut closes a $5,800,000 non-brokered private placement
LONGUEUIL, QC, March 18 /CNW/ --
Symbol: AZM-TSX Venture Exchange
LONGUEUIL, QC, March 18 /CNW Telbec/ - Azimut Exploration Inc. ('Azimut') (TSXV: AZM) announces the closing of a non-brokered private placement of $5,800,000
with a group of accredited investors, including the Chairman and a
director of Azimut, and two (2) institutional funds.
The proceeds of the financing will be used to advance the REX property
(Copper, Gold, Rare Earths), to carry on other technical work, and for
general corporate purposes and business development.
The placement consists of 5,333,333 Units at a price of $0.90 per Unit,
aggregating $4,800,000, and 833,333 Flow-Through Common Shares at a
price of $1.20 per share, aggregating $1,000,000.
Each Unit 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) additional common share at a price of $1.40
for a period of 12 months. The warrants are subject to an acceleration
clause if the shares trade at a price of $2.00 or higher for 20
consecutive trading sessions. Finder's fees and administrative costs
representing 4.5% of the placement have been paid in cash. 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, and
is focussed on key gold, copper and rare earths 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