Azimut Exploration raises C$7M via flow-through and hard-dollar shares for Quebec gold and base-metal projects. Agnico Eagle and Centerra hold stakes.
Azimut Exploration said it will raise up to C$7 million through a non-brokered private placement, funding further work on its Elmer and Wabamisk properties in Quebec.
The company plans to sell 6,038,647 flow-through shares at C$0.828 each and 3,333,333 hard-dollar shares at C$0.60 each. The flow-through proceeds will go toward eligible Canadian exploration expenses, which Azimut will renounce to subscribers effective Dec. 31, 2026. The hard-dollar funds will cover exploration and general corporate costs.
Closing is expected on or about Aug. 10, subject to regulatory approval. Securities issued will carry a four-month-and-one-day hold period. Azimut may pay a 6% cash finder's fee to certain introducers.
The financing arrives as Azimut advances its Elmer property, which hosts a 2024 resource estimate of 311,200 ounces indicated and 513,900 ounces inferred at roughly 1.9 grams per tonne gold. The Patwon deposit on the property was the subject of a technical report by InnovExplo.
Agnico Eagle Mines and Centerra Gold hold about 11% and 9.9% of Azimut's outstanding shares, respectively. Agnico Eagle's Alpha Score sits at 60/100, labeled Moderate, while Centerra scores 49/100, labeled Mixed, per AlphaScala data.
Azimut controls land positions for gold, copper, nickel and lithium across Quebec. The company has a history of partnership development and target generation in the province.
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