Azimut Closes $7 Million Private Placement Financing with Participation of Key Existing Shareholders
Centerra’s data is unrelated to Azimut’s $7 million raise to advance its Wabamisk and Elmer projects.
Azimut Exploration Inc. closed a non-brokered private placement raising approximately $7 million in gross proceeds. The issuance consists of 6,038,647 flow-through shares at $0.828/share ($5M) and 3,333,332 hard dollar shares at $0.60/share ($2M). Proceeds are designated for eligible Canadian exploration expenses at the Wabamisk and Elmer properties, with flow-through renunciation required by December 31, 2026.
Centerra Gold Inc. increased its ownership from 9.84% to 12.67%, crossing the insider threshold; Agnico Eagle Mines Limited and CDPQ SodéMex Inc. exercised contractual participation rights. Post-closing share count stands at 110,311,289 common shares. A statutory hold period expires December 19, 2026.
Centerra Gold Inc. (CG) participated in a $7 million exploratory capital raise, a standard financing mechanism for junior mining companies. The involvement of Centerra, Agnico Eagle, and CDPQ signals institutional validation of the project portfolio, though the transaction does not constitute a transformative event, takeover, or reserve expansion. The raise results in dilution of approximately 6.7 million shares on a ~103.6 million pre-close base, representing ~6.1% dilution.
Azimut Exploration Inc. is a Canadian junior explorer focused on the Northern Nickel Corridor and Quebec projects. Its key assets include the Wabamisk and Wabamisk East properties in Quebec, the Elmer project in Quebec, and the Kukamas project in British Columbia, which is subject to an option agreement with KGHM. The company’s strategy involves partner-funded exploration, flow-through financing, and advancing projects toward resource definition.