Azimut Exploration Inc. (TSX.V: AZM) (OTCQX: AZMTF) has announced plans to conduct a non-brokered private placement for total proceeds of up to $7 million. The offering will consist of 6,038,647 flow-through shares priced at $0.828 per share and 3,333,333 hard-dollar shares priced at $0.60 per share, the company said in a press release.
Proceeds from the flow-through shares will be used primarily to further advance the Elmer and Wabamisk properties, both of which are 100% owned by Azimut. The Elmer property hosts the resource-stage Patwon Deposit, which contains 311,200 ounces of gold in the indicated category and 513,900 ounces in the inferred category. The Wabamisk and Wabamisk East properties host the Fortin Zone (antimony-gold), Rosa Zone (gold), and Lithos Zone (lithium). Proceeds from the hard-dollar shares will support exploration and general corporate purposes.
The offering is expected to close on or about Aug. 10, 2026, subject to regulatory approval. Securities issued through the offering will be subject to a hold period of four months and one day. Azimut may pay eligible finders a cash fee equal to 6% of gross proceeds received from purchasers they introduce.
This financing comes at a time when Azimut is actively advancing its portfolio of high-impact projects in Quebec. The company controls strategic land positions for gold, copper, nickel, and lithium, and uses a pioneering approach to big data analytics through its proprietary AZtechMine expert system. Azimut maintains rigorous financial discipline and a strong balance sheet, with strategic investors Agnico Eagle Mines Limited and Centerra Gold Inc. holding approximately 11% and 9.9% of the company's shares, respectively.
The private placement will enable Azimut to continue its exploration efforts on properties that have already demonstrated significant mineral potential. The Patwon Deposit at Elmer is a key asset, and further work could expand the resource. Additionally, the Wabamisk properties offer multiple target zones, including lithium, which is in high demand for battery technologies.
Investors and stakeholders can find more information about Azimut's projects and corporate strategy on the company's website: https://azimut-exploration.com/investor-hub/overview/.
