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Azimut Exploration Closes $8.7 Million Private Placement, Welcomes Centerra Gold as New Strategic Investor

Strategic Insights

— 1 min read

Azimut Exploration Inc. has closed its non-brokered private placement, issuing 14,520,666 common shares at a price of $0.60 per share for aggregate gross proceeds of $8,712,400. The Company welcomes Centerra Gold Inc. as a new strategic investor, which now owns approximately 9.9% of the issued and outstanding common shares of Azimut. The placement also included participation from other key investors, including Agnico Eagle Mines Limited, CDPQ Sodemex Inc., SIDEX LP, Fonds de solidarite FTQ, and NQ Investissement Minier LP.

Key Takeaways:

  • Azimut Exploration Inc. closed a non-brokered private placement, issuing 14,520,666 common shares at $0.60 per share for $8,712,400 in gross proceeds.
  • Centerra Gold Inc. invested in the placement, becoming a new strategic investor with a stake of approximately 9.9% in Azimut.
  • Other key investors, including Agnico Eagle Mines Limited, CDPQ Sodemex Inc., SIDEX LP, Fonds de solidarite FTQ, and NQ Investissement Minier LP, participated in the placement.
  • The proceeds from the placement will be used to expand exploration activities on the Wabamisk (gold-antimony) and Elmer (gold-copper) properties, as well as for business development and general corporate purposes.
  • Azimut has executed an investor rights agreement with Centerra Gold, which grants Centerra the right to participate in future equity issuances to maintain its ownership interest in the Company.
  • The offering is subject to final approval by the TSX Venture Exchange, and securities issued will have a hold period of 4 months and 1 day.

Statistics:

  • $8,712,400: aggregate gross proceeds from the non-brokered private placement
  • 14,520,666: number of common shares issued in the placement
  • $0.60: price per common share issued in the placement
  • 9.9%: approximate stake of Centerra Gold Inc. in Azimut Exploration Inc.
  • 22.5% to 45%: anticipated refundable tax credits on qualified exploration expenditures incurred by Azimut
  • 100.4 million: number of shares issued and outstanding by Azimut Exploration Inc.

Sources:

  • Azimut Exploration Inc. press release, "Azimut Closes $8.7 Million Private Placement" (May 16, 2025)
  • Azimut Exploration Inc. press release, "Azimut Announces Non-Brokered Private Placement with Centerra Gold" (April 28, 2025)
  • Centerra Gold Inc. website, "About Centerra"
  • CDPQ website, "About CDPQ"
  • SIDEX website, "About SIDEX"
  • Fonds de solidarite FTQ website, "About Fonds de solidarite FTQ"
  • NQIM website, "About NQIM"
  • Azimut Exploration Inc. website, "About Azimut Exploration"

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