Azimut Exploration Inc. (TSX.V: AZM) (OTCQX: AZMTF) announced plans to conduct a non-brokered private placement for total proceeds of up to $7 million, according to a press release. The offering will consist of 6,038,647 flow-through shares priced at $0.828 per share and 3,333,333 hard-dollar shares priced at $0.60 per share.
The flow-through share proceeds will be used primarily to further advance the Elmer and Wabamisk properties, while the hard-dollar proceeds will support exploration and general corporate purposes. The offering is expected to close on or about Aug. 10, 2026, subject to regulatory approval. Securities issued through the offering will be subject to a hold period of four months and one day. Azimut may pay eligible finders a cash fee equal to 6% of gross proceeds received from purchasers they introduce.
This financing is critical for Azimut as it seeks to advance its key high-impact projects. The Elmer property hosts the resource-stage Patwon Deposit, which contains 311,200 oz indicated and 513,900 oz inferred gold resources. The Wabamisk and Wabamisk East properties host the Fortin Zone (antimony-gold), Rosa Zone (gold), and Lithos Zone (lithium). Additionally, the company holds the Kukamas property, optioned to KGHM, which hosts the Perseus Zone (nickel-PGE).
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The company controls strategic land positions for gold, copper, nickel, and lithium in Quebec. Azimut uses a pioneering approach to big data analytics through its proprietary AZtechMine expert system, enhanced by extensive exploration know-how. The company maintains rigorous financial discipline and a strong balance sheet, with strategic investors Agnico Eagle Mines Limited and Centerra Gold Inc. holding approximately 11% and 9.9% of shares, respectively.
The success of this private placement will enable Azimut to continue its systematic regional-scale data analysis and exploration activities, potentially unlocking significant value from its property portfolio. The proceeds will also provide working capital for general corporate purposes, ensuring the company can sustain its operations and pursue further opportunities.
