Azimut Exploration Inc. (TSX.V: AZM) (OTCQX: AZMTF) has 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. Proceeds from the flow-through shares will be used primarily to advance the Elmer and Wabamisk properties, while proceeds from the hard-dollar shares will support exploration and general corporate purposes.
The private placement 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.
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. Among its key high-impact projects are Wabamisk and Wabamisk East (100% Azimut), which host the Fortin Zone (antimony-gold), Rosa Zone (gold) and Lithos Zone (lithium); Elmer (100% Azimut), which hosts the resource-stage Patwon Deposit (gold) with 311,200 oz Indicated and 513,900 oz Inferred; and Kukamas (KGHM option), which hosts the Perseus Zone (nickel-PGE).
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. Two strategic investors, Agnico Eagle Mines Limited and Centerra Gold Inc., hold approximately 11% and 9.9% of the company’s issued and outstanding shares, respectively.
This financing underscores Azimut’s commitment to advancing its portfolio of exploration projects in Quebec, a mining-friendly jurisdiction with significant mineral potential. The proceeds will enable the company to continue drilling and exploration activities at Elmer and Wabamisk, which are considered high-priority targets. The private placement also provides working capital for general corporate purposes, ensuring the company can sustain its operations and pursue additional opportunities.
For more information about Azimut and its projects, visit https://azimut-exploration.com/investor-hub/overview/.
