Azimut: conversion of debentures into shares by two directors
23 Novembre 2010 - 3:43PM
PR Newswire (Canada)
LONGUEUIL, QC, Nov. 23 /CNW/ -- Symbol: AZM.TSX Venture LONGUEUIL,
QC, Nov. 23 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the
"Company") announces that two insiders of the Company, Mr. Dennis
Wood and Mr. Jean-Charles Potvin, have exercised their right of
conversion under their convertible debentures in the amount of
$300,000 in the case of Mr. Wood and of $40,000 in the case of Mr.
Potvin (collectively, the "Debentures") issued by Azimut on
November 20, 2008 (see press release dated November 21, 2008). In
total, Azimut will issue 629,629 units for the reimbursement of the
outstanding capital on the Debentures. Each unit is comprised of
one common share at a price of $0.54 per share and one share
purchase warrant, each warrant entitling them to acquire one
additional common share of Azimut at a price of $0.65 per share
until November 20, 2011. Convertible debenture with the Fonds de
solidarité FTQ Azimut also announces that, subject to TSX Venture
Exchange approval, Azimut will issue 19,443 common shares to the
Fonds de solidarité FTQ ("FSTQ") at a price of $0.9334 per share
representing the interest due as of November 20, 2010, for an
aggregate amount of $18,147.95, pursuant to a convertible debenture
issued to the FTQ for an amount of $300,000, and bearing interest
at the rate of 12% per annum, payable semi-annually either in cash
or in common shares. The securities issued in this case will be
subject to a four-month hold period following their date of
issuance. Warrant exercise Azimut also announces that the Société
d'investissement dans la diversification de l'exploration ("SIDEX")
has exercised 14,884 warrants at an exercise price of $0.86 per
share for total proceeds of $12,800. Correction to November 12,
2010 press release Azimut would like to correct its press release
issued on November 12(th) relating to the payment of interest on
the $300,000 debenture issued to SIDEX. The press release should
have read as follows: Azimut will issue 20,285 common shares to
SIDEX at a price of $0.8412 per share and 20,285 warrants
representing the interest due under the Debenture as of the date of
conversion, for an aggregate amount of $17,063. Each warrant will
entitle the holder to purchase one common Share at a price of $1.00
per share until November 20, 2011. The securities issued in this
case will be subject to a four-month hold period following their
date of issuance. Azimut is a mineral exploration company using
cutting-edge targeting methodologies with the objective of
discovering major ore deposits. Azimut holds the largest mineral
exploration portfolio in Quebec, including key gold properties in
the emerging James Bay mining region, as well as quality gold,
copper and uranium projects in the Nunavik region. 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.
%SEDAR: 00003284EF p align="center"bJean-Marc Lulin, President and
CEO/bbr/ Tel.: (450) 646-3015 - Fax: (450) 646-3045br/ a
href="mailto:info@azimut-exploration.com"info@azimut-exploration.com/a
a cr="true"
href="http://www.azimut-exploration.com/"www.azimut-exploration.com/a/p
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