Azimut closes a $785,000 Flow-Through Private Placement Financing Symbol: AZM.TSX Venture
Azimut closes a $785,000 Flow-Through
Private Placement Financing
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Dec. 19, 2019
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (
TSXV: AZM
) is pleased to announce the closing of a non-brokered private placement
of
$785,000
consisting of the issuance of 1,189,365 flow-through common shares at a price of
$0.66
per share.
The placement has been conducted with accredited investors as well as with directors and officers
of Azimut. The insider participation is
$80,071
and participation of a close business associate is
$66,000
.
The securities issued under this financing will be subject to a hold period of four months and one day
expiring on
April 19, 2020
. At the closing of the placement, Azimut had 58,575,726 common shares
issued and outstanding.
Proceeds from this placement will be used by Azimut to incur eligible
Quebec
exploration expenses
for programs on its mineral properties.
The private placement is subject to the final approval of the TSX Venture Exchange. Finders fees
totalling
$21,697
have been paid to third parties dealing at arm's length with Azimut.
Other information
Azimut's board of directors is pleased to announce the creation of a Governance and Compensation
Committee to ensure that the Company follows best practices and trends for a rigorous and
effective governance. The newly formed committee is presided by Dr.
Jacques Simoneau
, with Mrs.
Angelina Mehta
and Mr.
Michel Brunet
as members. Note that the Audit Committee is presided by
Mr.
Jean-Charles Potvin
and its members are Drs.
Jean-Marc Lulin
and
Jacques Simoneau
.
Azimut announces that it has increased by 2,068,000 the number of common shares reserved for
future issuance under its stock option plan for a total of 5,857,000, or approximately 9.99 % of the
58,575,726 common shares issued and outstanding of the Corporation as of
December 18
, 2019. All
other terms of the stock option plan remain unchanged.
About Azimut
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 58.5 million shares outstanding. Azimut's tight share
structure is a key asset for value creation. Since its founding in 1986, there have been no share
consolidations.
Azimut holds the largest mineral exploration portfolio in
Quebec
. The Company's edge against
exploration risk is founded on systematic regional-scale data analysis and multiple concurrently
active projects.
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/December2019/19/c3639.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 07:00e 19-DEC-19