Azimut closes $1,149,500 private placement Symbol: AZM.TSX Venture
Azimut closes $1,149,500 private placement
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Dec. 21, 2018
/CNW Telbec/ -
Azimut Exploration Inc.
("
Azimut
" or "
the
Company
")
(TSXV: AZM)
is pleased to announce the closing of a private placement for
$1,149,500
from five (5) Québec-based institutional funds:
Capital croissance PME II, l.p.
("
CCPME
")
($149,500)
;
CDPQ Sodemex Inc.
($300,000)
;
Fonds de solidarité FTQ
($200,000)
;
SIDEX l.p.
("
SIDEX
")
($250,000)
; and
Société de développement de la
Baie James
("
SDBJ
")
($250,000)
.
This private placement consisted of the issuance of 4,421,153 units, at a price of
$0.26
per unit, for
aggregate proceeds of
$1,149,500
. Each unit was comprised of one (1) common share of the
Company and one-half (½) of one (1) share purchase warrant. Each whole warrant entitles its holder
to subscribe for one (1) common share of the Company at a price of
$0.35
over an 18-month period.
The securities issued and issuable under this private placement are subject to a hold period of four
months expiring on
April 22, 2019
. Management fees totalling
$48,980
, representing 4.26% of the
private placement, have been paid in cash.
The warrants are subject to the terms of an acceleration clause. If at any time after four (4) month
and one (1) day following the closing date, the closing price of the common shares of the Company
on the TSX Venture Exchange is equal or greater than
$0.50
for 15 consecutive trading days, the
Company will have the right to notify the warrant holders of its intention to force the exercise of the
warrants, and upon receipt of such notice, the warrant holders will have 30 days to exercise the
warrants, failing which the warrants will automatically expire.
The placement is subject to the final approval by the TSX Venture Exchange.
The proceeds of the private placement will be used to conduct exploration work on the 100%-owned
Elmer Property (Au-Ag-Cu-Zn) located in the
James Bay
region of
Quebec
, to carry out other
exploration work, and for business development and general corporate purposes.
CCPME
is a fund jointly set up by the Caisse de dépôt et placement du Québec ("
la Caisse
") and
Capital régional et coopératif Desjardins ("
CRCD
") for the purpose of supporting the economic
development of Québec businesses and encouraging their growth.
Through its
CDPQ Sodémex
mining portfolio, la Caisse contributes to the development of Québec's
mining industry by acquiring interests in junior mining companies and mining producers active in
Québec
The
Fonds de solidarité FTQ
is a development capital investment fund that channels the savings of
Quebecers into investments. As at
May 31, 2018
, the organization had
$14.3 billion
in net assets,
and through its current portfolio of investments has helped create and protect 194,746 jobs. The
Fonds is a partner in 2,839 companies and has 667,417 shareholder-savers.
Created in 2001,
SIDEX
is an initiative of the Québec government and the Fonds de solidarité FTQ
whose mission is to invest in companies engaged in mineral exploration in Québec in order to
diversify the province's mineral base. SIDEX promotes new entrepreneurs and innovation in
exploration and has invested more than
$90 million
to date in mineral exploration companies and their
projects in Québec.
The
SDBJ
has been created in 1971 by the James Bay Region Development Act. The SDBJ's
mission is to promote the
James Bay
territory's economic development and the development and
use of its natural resources, other than hydroelectric resources, which are Hydro-Québec's
responsibility, from a sustainable development perspective. It can also generate, support and
participate in projects for these purposes.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is centred on target generation and
partnership development. Targeting uses a pioneering proprietary approach to Big Data
analytics (AZtechMine expert system) enhanced by extensive exploration know-how. The Company
maintains rigorous financial discipline. It has 52.9 million shares outstanding.
Azimut holds a strategic position for gold and base metals in
Quebec
(29 properties, 7,414 claims),
including one of the largest exploration portfolios in the
James Bay
region (22 properties covering
5,078 claims or 2,637 km
2
).
www.azimut-exploration.com
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2018/21/c4180.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450)
646-3045, [email protected]
CO: Azimut Exploration Inc.
CNW 15:42e 21-DEC-18