Azimut Exploration Announces Private Placement for Up to $7 Million to Advance Key Quebec Projects
July 24th, 2026 2:48 PM
By: Newsworthy Staff
Azimut Exploration plans a $7 million private placement to fund exploration at its Elmer and Wabamisk properties and for general corporate purposes, signaling continued investment in critical mineral projects in Quebec.
Azimut Exploration Inc. (TSX.V: AZM) (OTCQX: AZMTF) has announced plans to conduct a nonbrokered 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 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 Elmer property, 100% owned by Azimut, hosts the resource-stage Patwon Deposit with 311,200 oz indicated and 513,900 oz inferred gold. The Wabamisk and Wabamisk East properties, also 100% owned, contain the Fortin Zone (antimony-gold), Rosa Zone (gold), and Lithos Zone (lithium). These projects are key to Azimut's strategy of leveraging its proprietary AZtechMine expert system for big data analytics to identify high-impact mineral targets.
The private placement is expected to close on or about Aug. 10, 2026, subject to regulatory approval. Securities issued 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 amid growing demand for critical minerals like gold, copper, nickel, and lithium, which are essential for clean energy technologies and electronics. Azimut's focus on Quebec, a mining-friendly jurisdiction with established infrastructure, positions it to capitalize on these trends. The company's strategic investors, including Agnico Eagle Mines Limited (approximately 11% ownership) and Centerra Gold Inc. (approximately 9.9% ownership), underscore confidence in its exploration approach.
Azimut's competitive edge lies in its systematic regional-scale data analysis using the AZtechMine system, which enhances target generation and partnership development. The company maintains rigorous financial discipline and a strong balance sheet, enabling it to advance projects efficiently.
For more information about Azimut's projects, visit https://azimut-exploration.com/investor-hub/overview/.
Source Statement
This news article relied primarily on a press release disributed by InvestorBrandNetwork (IBN). You can read the source press release here,
