Press release from CNW Group
Azimut receives $957,870 in Warrants Exercise
Monday, December 05, 2011
Symbol: AZM.TSX Venture
LONGUEUIL, QC, Dec. 5, 2011 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or "the Company") (TSXV: AZM) announces that it has recently received an amount of $957,870 resulting from the exercise of 1,435,185 common share purchase warrants previously issued in connection with a private placement completed in November 2008.
In the aggregate, 629,629 warrants with an exercise price of $0.65 per share were exercised by two board members ($409,258.85), 555,556 warrants with an exercise price of $0.65 per share were exercised by a Quebec institutional fund ($361,111.40) and 250,000 warrants with an exercise price of $0.75 were exercised by another Quebec institutional fund ($187,500).
The Company currently has 36,470,328 shares issued and outstanding and working capital in excess of $4.3 million. Insiders' ownership amounts to 21.5% while Quebec's institutional funds' ownership totals 19.4%.
Azimut's main assets are:
Gold, Silver, Copper and Tungsten projects in Nunavik: Three extensive
properties, the Rex, Rex South (optioned by Aurizon) and NCG projects
provide Azimut a controlling land position along a 330-km long trend
covering an emerging new polymetallic district in Northern Quebec.
Gold projects in the James Bay region: Azimut holds a strategic
position in the immediate vicinity of Goldcorp's world-class Eleonore
gold deposit with the Eleonore South (Azimut-Goldcorp-Eastmain JV),
Opinaca A & B (Azimut-Everton JV / optioned by Aurizon) and Opinaca D
(optioned by Dynasty) properties, as well as the Wabamisk property
(optioned by Goldcorp) located 70 km south of Eleonore.
- Uranium projects in Nuvavik: On the North Rae and Daniel Lake properties, significant mineralized zones have been discovered at surface and represent shallow-depth open-pit targets.
Azimut is a mineral exploration company with the objective of discovering major ore deposits. The Company's core business is project generation using cutting-edge targeting methodologies along with partnership development. Azimut holds the largest mineral exploration portfolio in Quebec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 - Fax: (450) 646-3045