Azimut Exploration has closed a non-brokered private placement financing for total gross proceeds of $7 million, altering shareholdings and funding upcoming exploration across its portfolio in Quebec.

The completed financing involved the issuance of 6,038,647 flow-through shares at $0.828 each for $5 million in gross proceeds, alongside 3,333,332 hard dollar shares at $0.60 each for $2 million. Following the closing, Azimut has 110,311,289 common shares issued and outstanding.

Centerra Gold increased its ownership interest in the company from 9.84% to 12.67% by acquiring 4,038,647 common shares through the placement, making it an insider. Under an amended investor rights agreement, Centerra holds the right to participate in future equity issuances to maintain its pro rata interest up to 15%, subject to specific ownership thresholds. Agnico Eagle Mines and CDPQ Sodémex also exercised contractual rights to acquire common shares in connection with the financing, while directors and officers subscribed for 150,000 hard dollar shares.

Proceeds from the flow-through shares will fund eligible Canadian exploration expenses that must be renounced to subscribers by December 31, 2026. Hard dollar proceeds are allocated for ongoing exploration and general corporate purposes.

The company will direct funds toward advancing its 100% owned Wabamisk and Elmer properties. The Elmer project hosts the resource-stage Patwon Deposit, which comprises an initial mineral resource estimate of 311,200 ounces of Indicated resources in 4.99 million tonnes grading 1.93 g/t Au and 513,900 ounces of Inferred resources in 8.22 million tonnes grading 1.94 g/t Au. Exploration programs across Wabamisk and Elmer are scheduled over the next 12 months.

The offering remains subject to final approval from the TSX Venture Exchange. All securities issued under the placement are subject to a statutory four-month and one-day hold period expiring on December 19, 2026.

Read the full announcement: Azimut Closes $7 Million Private Placement Financing with Participation of Key Existing Shareholders