On September 28, 2023, Azimut Exploration Inc. closed the transaction. The company issued 2,442,100 common shares at a price of CAD 2.0475 per Premium FT Share for the gross proceeds of CAD 5,000,199.75, 550,600 common shares at a price of CAD 1.8165 per FT Share for the gross proceeds of CAD 1,000,164.9 and 2,082,100 hard dollar shares at a price of CAD 1.05 per share for the gross proceeds of CAD 2,186,205, aggregate gross proceeds of CAD 8,186,569.65. The company paid 6% of the gross proceeds from the Offering and non-transferable compensation options, representing 3% of the total number of shares sold under the Offering, each exercisable for one common share of the Company at a price of CAD 1.05 per share until March 28, 2025. All securities issued in connection with the Offering are subject to a statutory hold period in Canada expiring on January 29, 2024. The Offering remains subject to final acceptance of the TSX Venture Exchange.

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement. The transaction included participation from 36 placees including existing insider involvement: of one inssider for 2,197,300.