Symbol: AZM.TSX Venture
LONGUEUIL, QC, Feb. 19, 2020 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) announces a non-brokered private placement of an
amount of $6,000,000 of flow-through
shares (the "FT Shares") at a price of $2.45 per FT Share.
Proceeds from the financing will be used by Azimut to incur
eligible Canadian exploration expenses with a focus on its
100%-owned Elmer Gold Property. Azimut has recently announced
substantial drilling results on this property (see press release of
January 14, 2020). The FT Shares
financing is being supported by one strategic investor.
No commissions or finder's fees will be paid in respect of the
financing.
The securities issued under this financing will be subject to a
hold period of four months from the closing date. The terms of the
placement are subject to acceptance by the TSX Venture
Exchange.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is
centred on target generation and partnership development. The
Company uses a pioneering approach to big data analytics (the
proprietary AZtechMineTM expert system)
enhanced by extensive exploration know-how. Azimut maintains
rigorous financial discipline and has 60.6 million shares
outstanding.
Azimut holds the largest mineral exploration portfolio in
Quebec. The Company's competitive
edge against exploration risk is founded on systematic
regional-scale data analysis and multiple concurrently active
projects. This includes two regional strategic alliances with
SOQUEM for six (6) gold properties in the James Bay region and three (3) major
gold-copper properties 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.
SOURCE Azimut Exploration Inc.