Azimut: Extension of Expiry Date of Warrants
29 Febbraio 2012 - 11:16AM
PR Newswire (Canada)
Symbol: AZM.TSX Venture LONGUEUIL, QC, March 2, 2012 /CNW Telbec/ -
Azimut Exploration Inc ("Azimut" or "the Company") announces that
subject to required regulatory approvals, it will extend until
March 19, 2013 the expiry date of a total of 2,666,664 warrants.
The warrants were issued in connection with a private placement
which closed on March 17, 2011. The offering consisted of the
issuance of 5,333,333 units at a price of $0.90 per unit, totalling
$4.8 million. Each unit consisted of one (1) common share and one
half-warrant, each full warrant entitling its holder to subscribe
for one (1) common share at a price of $1.40 until March 19, 2012.
The warrants are subject to an acceleration clause if the common
shares of Azimut are traded at a price of $2.00 or more for 20
consecutive days. The exercise price of warrants remains unchanged
and no warrant has been exercised to date. Two insiders had
participated in the offering and this participation represents
0.61% of the issued and outstanding common shares (0.91% on a
partially diluted basis). Another subscriber became an insider in
connection with the offering and its participation represents 5.86%
of common shares issued and outstanding (8.53% on a partially
diluted basis). Azimut could thus collect an additional $3,733,330
by March 19, 2013 assuming that all warrants are exercised. Azimut
is a mineral exploration company with the objective of discovering
major ore deposits. The Company's core business is project
generation using cutting-edge targeting methodologies, along with
partnership development. Azimut holds the largest mineral
exploration portfolio in Quebec, including key gold, copper,
uranium and rare earth element 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. AZIMUT
EXPLORATION INC. CONTACT: Jean-Marc Lulin, President and CEOTel.:
(450) 646-3015 - Fax: (450)
646-3045info@azimut-exploration.comwww.azimut-exploration.com
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