Azimut Closes $7 Million Private Placement Financing with Participation of Key Existing Shareholders
Azimut secures $7m financing to advance its James Bay gold and nickel projects.
Azimut Exploration Inc. has closed a non-brokered private placement, raising approximately $7 million in gross proceeds. The offering comprised 6,333,332 shares in total, split between 6,038,647 flow-through shares priced at $0.828 and 3,333,332 hard dollar shares priced at $0.60.
Centerra Gold Inc. increased its stake from 9.84% to 12.67%, becoming an insider, while Agnico Eagle Mines Limited and CDPQ Sodemex Inc. exercised contractual participation rights. The proceeds are designated for eligible Canadian exploration expenses on the Wabamisk and Elmer properties, with renunciation effective by December 31, 2026.
Post-closing capitalization stands at 110,311,289 common shares. The securities carry a statutory hold period of four months and one day.
Azimut Exploration Inc. (AZM) closed a $7 million financing, a development consistent with the company’s July 20 announcement. The capital raise is intended to fund the company’s 20,000-metre drilling program for 2026.
Strategic participation from Centerra Gold, Agnico Eagle, and CDPQ underscores third-party validation of the Wabamisk and Elmer project fundamentals. The shares were priced at $0.60, aligning with recent market trading levels and indicating no significant discount or premium pressure. The transaction secures the capital runway required to execute the announced 2026 field programs without introducing unexpected catalysts or material changes to the exploration timeline.
Azimut Exploration Inc. (AZM) is a Quebec-based exploration company focused on a multi-commodity portfolio in the James Bay region. Its flagship projects include the Wabamisk property, which targets gold and antimony; the Elmer property, focused on gold-copper; the Kukamas property, targeting nickel-PGE; and Wabamisk East, which is focused on lithium.
At the Wabamisk property, the Rosa Zone has emerged as a high-grade gold discovery, with visible gold in drill core and channel samples returning up to 30.17 g/t Au. Additionally, the Fortin Zone at Wabamisk defines a 1.8 km strike antimony-gold system that remains open at depth.
The Elmer property hosts the Patwon deposit, which contained a 2023 resource of 311,200 oz indicated and 513,900 oz inferred. Meanwhile, the Kukamas property features the high-grade Perseus nickel-PGE zone, which is currently 50% owned by partner KGHM International.