Symbol: AZM.TSX Venture
LONGUEUIL, QC,
June 20, 2014 /CNW Telbec/ -
Azimut Exploration Inc. ("Azimut" or the
"Company") (TSXV: AZM) announces the closing of a
non-brokered private placement totalling $350,000 with SIDEX ($200,000) and SODÉMEX II ($150,000), both limited partnership
companies.
A total of 1,166,668 common shares were issued
at a price of $0.30 per share, each
share accompanied by one half-warrant, each whole warrant entitling
its holder to purchase one share of the Company at a price of
$0.45 per share over a 24-month
period. Administrative costs representing 3% of the placement have
been paid in cash. All securities issued pursuant to this private
placement are subject to a four-month holding period.
SIDEX is a limited partnership created by the
Government of the Province of Quebec and the Solidarity Fund QFL to finance
mining companies exploring in Quebec with the objective of diversifying the
province's mineral inventory. SODÉMEX II is an institutional fund
subsidiary of the Caisse de dépôt et placement du
Québec.
The proceeds of the financing will be used to
advance the Nantais Property (Au, Ag, Cu, Zn) and the
Eastmain West Property (Cr, PGE, Ni), both wholly owned by
Azimut. Exploration programs will be performed during the 2014
field season.
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. Over the past 10
years, Azimut has concluded 30 option agreements with major and
junior partners on the Company's properties. Azimut firmly
maintains its business strategy of developing new partnerships on
its key properties.
Azimut has 37.6 million shares issued of which
48% are held by insiders and institutional shareholders. The
Company has no debt and $2.2 million
in working capital.
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.
SOURCE Azimut Exploration Inc.