Azimut Closes $6.0 million Private Placement Financing Symbol: AZM.TSX Venture

Azimut Closes $6.0 million Private Placement

Financing

Symbol: AZM.TSX Venture

LONGUEUIL, QC

,

Feb. 26, 2020

/CNW Telbec/ -

Azimut Exploration Inc.

("

Azimut

" or the

"

Company

") (

TSXV: AZM

) announces the closing of a non-brokered private placement of an amount

of

$6,000,000

. The placement consists of 2,448,980 flow-through shares at a price of

$2.45

per

share.

Proceeds from the financing will be used by Azimut to incur eligible Canadian exploration expenses

with a focus on its 100%-owned Elmer Gold Property. Azimut has recently announced substantial

drilling results on this property (see press release of

January 14, 2020

). The financing is being

supported by one strategic investor.

No commissions or finder's fees have been paid in respect of the financing.

The securities issued under this financing will be subject to a hold period of four months from the

closing date. The terms of the placement are subject to acceptance by the TSX Venture Exchange.

About Azimut Exploration

Azimut is a mineral exploration company whose core business is centred on target generation and

partnership development. The Company uses a pioneering approach to big data analytics (the

proprietary

AZtechMine

TM

expert system) enhanced by extensive exploration know-how. Azimut

maintains rigorous financial discipline and has 63.9 million shares outstanding.

Azimut holds the largest mineral exploration portfolio in

Quebec

. The Company's competitive edge

against exploration risk is founded on systematic regional-scale data analysis and multiple

concurrently active projects. This includes two regional strategic alliances with SOQUEM for six (6)

gold properties in the

James Bay

region and three (3) major gold-copper properties in the Nunavik

region.

www.azimut-exploration.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

SOURCE

Azimut Exploration Inc.

View original content:

http://www.newswire.ca/en/releases/archive/February2020/26/c7652.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 16:30e 26-FEB-20