Azimut Exploration Inc. (TSXV: AZM) has announced plans to raise up to $7 million through a non-brokered private placement. The financing consists of two distinct tranches: 6,038,647 flow-through shares priced at $0.828 each, and 3,333,333 hard dollar shares priced at $0.60 per share. The company expects the transaction to close on or about August 10, 2026, pending standard regulatory approvals.

Proceeds from the flow-through component are earmarked for exploration work at the Elmer and Wabamisk properties in Quebec. Specifically, the company must incur these funds as eligible Canadian exploration expenses before the end of 2027. The hard dollar proceeds are designated for general corporate purposes and further exploration activities across the company’s portfolio. The offering may involve finders' fees, with the company offering a cash commission of 6% for purchasers introduced by third parties.

The company’s primary focus remains its flagship assets, including the Elmer property. This project hosts the Patwon Gold Deposit, which currently holds 311,200 ounces of gold in the Indicated category contained within 4.99 million tonnes at a grade of 1.93 g/t Au. Additionally, the deposit contains 513,900 ounces of gold in the Inferred category, amounting to 8.22 million tonnes at a grade of 1.94 g/t Au. Exploration at these sites utilizes a data-driven approach to target generation, reflecting the company’s strategy of identifying mineral potential across its Quebec land packages.

Azimut operates with a balance sheet supported by significant strategic investments. Among its key shareholders are Agnico Eagle Mines Limited and Centerra Gold Inc., which hold approximately 11% and 9.9% of the issued and outstanding shares, respectively. This backing from established industry participants aligns with the company’s focus on advancing its diversified portfolio, which spans gold, copper, nickel, and lithium assets.

As the company prepares for this capital injection, the focus remains on advancing the technical understanding of its core properties through planned exploration programs. By securing this funding, the company aims to maintain its current momentum at its highest-impact projects while managing its operational activities in line with its broader strategic objectives for the upcoming field seasons.

Read the full announcement: Azimut Announces $7 Million Private Placement Financing