LONGUEUIL, QC, Sept. 14, 2020 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") (TSXV: AZM) is pleased to announce the closing of the previously announced private placement of 3,333,335 common shares at a price of $1.80 per share for aggregate proceeds of $6,000,003.
The securities are subject to a statutory hold period of four (4) months. Administrative fees representing approximately 0.83% of the gross proceeds have been paid in cash. This private placement is subject to the final approval of the TSX Venture Exchange.
The proceeds will be used to conduct exploration work on the 100%-owned Elmer Property (gold), to carry out other exploration work, and for business development and general corporate purposes.
Azimut welcomes Sunrise SPC - Marshall Precious Metals Fund SP, a fund managed by OP Investment Management Limited and advised by MPM Capital Management, as part of this transaction.
"Marshall is delighted to have participated in this offering and looks forward to the continued success of Azimut's exploration program over its impressive and prospective land position " said David Garofalo, Chairman and CEO of MPM Capital Management.
About Azimut
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 approximately 69.1 million shares outstanding. Azimut's competitive edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects.
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.
