Offering finances REX property, technical work, business development
By Devika Patel
Knoxville, Tenn., March 2 - Azimut Exploration Inc. said it has increased a non-brokered private placement of units and flow-through common shares. The deal priced for C$5.2 million on March 1 and will now raise C$5.8 million.
The company will sell units of one common share and one half-share warrant at C$0.90 apiece for C$4.8 million. It also will sell shares at C$1.20 per share for C$1 million.
Each whole warrant will be exercisable at C$1.40 for one year.
The price of the flow-through shares is a 0.84% premium to the Feb. 28 closing share price of C$1.19. The strike price of the warrants is a 17.65% premium to that price.
Proceeds will be used to advance the REX property and carry on other technical work as well as for general corporate purposes and business development.
Azimut is a gold, uranium, copper and rare earth exploration company based in Montreal.
| Issuer: | Azimut Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$5.8 million
|
| Agent: | Non-brokered
|
| Pricing date: | March 1
|
| Upsized: | March 2
|
| Stock symbol: | TSX Venture: AZM
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| Stock price: | C$1.19 at close Feb. 28
|
| Market capitalization: | C$34.19 million
|
|
|
| Units
|
| Amount: | C$4.8 million
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
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| Warrant strike price: | C$1.40
|
|
|
| Shares
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| Amount: | C$1 million
|
| Price: | C$1.20
|
| Warrants: | No
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