Non-brokered offering will fund exploration and business development
By Devika Patel
Knoxville, Tenn., July 13 – Azimut Exploration Inc. said it increased its non-brokered private placement of units to C$2.5 million from C$2.3 million. The oversubscribed deal priced on July 8.
The company will now sell 7,812,500 units of one common share and one half-share warrant at C$0.32 per unit.
Each whole warrant is exercisable at C$0.45 for two years. The strike price is a 9.76% premium to the July 7 closing share price of C$0.41.
Proceeds will be used for exploration, business development and general corporate purposes.
Azimut is a gold, uranium, copper and rare earth exploration company based in Montreal.
| Issuer: | Azimut Exploration Inc.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$2.5 million
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| Units: | 7,812,500
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| Price: | C$0.32
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.45
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| Agent: | Non-brokered
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| Pricing date: | July 8
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| Upsized: | July 13
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| Stock symbol: | TSX Venture: AZM
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| Stock price: | C$0.41 at close July 7
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| Market capitalization: | C$14.87 million
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