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. Proceeds from the flow-through shares will be used primarily to further advance the Elmer and Wabamisk properties, while 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 is significant for Azimut as it will enable the company to continue advancing its key high-impact projects in Quebec. The Elmer property, which is 100% owned by Azimut, hosts the resource-stage Patwon Deposit, with 311,200 oz indicated and 513,900 oz inferred gold resources. The Wabamisk and Wabamisk East properties, also 100% owned, host the Fortin Zone (antimony-gold), Rosa Zone (gold), and Lithos Zone (lithium). Additionally, Azimut has the Kukamas property under option to KGHM, which hosts the Perseus Zone (nickel-PGE).
Azimut is known for its pioneering approach to big data analytics using the proprietary AZtechMine expert system, enhanced by extensive exploration know-how. The company controls strategic land positions for gold, copper, nickel, and lithium in Quebec. With two strategic investors—Agnico Eagle Mines Limited and Centerra Gold Inc., holding approximately 11% and 9.9%, respectively—Azimut maintains rigorous financial discipline and a strong balance sheet.
The success of this placement could have broader implications for the mining industry in Quebec, as it supports continued exploration in a region known for its mineral potential. Advancing the Elmer and Wabamisk projects could lead to new discoveries and resource expansions, potentially benefiting local economies and the supply of critical minerals. For investors, the offering provides an opportunity to participate in Azimut's exploration programs, though the securities will be subject to a hold period.
For more information, visit Azimut Exploration's investor hub.
