Azimut Exploration Inc has entered into an agreement for a private placement on bought deal and it will receive total proceeds of CAD 8,000,000 on September 13, 2023. The company will issue 2,442,100 premium flow-through shares at a price of CAD 2.0475 per premium flow-through share for a proceeds of CAD 5,000,199.75, 550,600 flow-through shares at a price of CAD 1.8165 per flow through share for a proceeds of CAD 1,000,164.9 and 1,904,800 hard dollar shares at a price of CAD 1.05 per hard dollar share for a proceeds of CAD 2,000,040. The transaction included participation from returning investor, Agnico Eagle Mines Limited.

The investor has indicated that it intends to increase its interest in the company from a current 10.06% ownership to a pro-forma ownership of approximately 12% on a post-Offering basis. In addition, the company has granted the Underwriters an option to sell that number of additional Hard Dollar Shares at the hard dollar Issue Price for additional aggregate gross proceeds of up to CAD 2,000,000, exercisable 48 hours prior to the closing date. The Closing of transaction is expected to occur on or about September 28, 2023.

The transaction is subject to regulatory approval and all securities issued pursuant to the Offering will have a hold period of four months and one day.