Azimut Exploration Inc. (TSX.V: AZM) (OTCQX: AZMTF) has announced plans to conduct a non-brokered private placement for total proceeds of up to $7 million. The offering will consist of 6,038,647 flow-through shares priced at $0.828 per share and 3,333,333 hard-dollar shares priced at $0.60 per share. Proceeds from the flow-through shares will be used primarily to further advance the Elmer and Wabamisk properties, while proceeds from the hard-dollar shares will support exploration and general corporate purposes.
The announcement is significant for Azimut as it seeks to continue exploration at its key projects in Quebec. The Elmer property hosts the resource-stage Patwon Deposit, which has 311,200 ounces of gold indicated and 513,900 ounces inferred. The Wabamisk property includes the Fortin Zone (antimony-gold), Rosa Zone (gold), and Lithos Zone (lithium). These projects are central to Azimut's strategy of leveraging its proprietary AZtechMine expert system for target generation and partnership development.
The offering is expected to close on or about Aug. 10, 2026, subject to regulatory approval. Securities issued through the offering will be subject to a hold period of four months and one day. Azimut may pay eligible finders a cash fee equal to 6% of gross proceeds received from purchasers they introduce.
Azimut's strong balance sheet and strategic investors, including Agnico Eagle Mines Limited and Centerra Gold Inc., which hold approximately 11% and 9.9% respectively of the company's shares, underscore its disciplined financial approach. The company controls strategic land positions for gold, copper, nickel, and lithium in Quebec.
For more information about Azimut Exploration and its projects, visit https://azimut-exploration.com/investor-hub/overview/.
This private placement is a critical step for Azimut to continue its exploration activities and maintain its momentum in discovering and developing mineral resources in Quebec, a jurisdiction known for its mining potential.
