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FINWIRES

Azimut Exploration Raises C$7 Million in Share Offering

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Azimut Exploration (AZM.V) said Tuesday after trade it C$7 million in a private placement of flow-through and common shares.

The company issued six-million flow-through shares at C$0.83 each for C$5 million proceeds, and 3.33-million common shares at C$0.60 each for C$2 million proceeds.

Azimut said "substantially" all the shares were acquired by existing shareholders, including Centerra Gold (CG.TO), which increased its stake in Azimut from 9.84% to 12.67%, and Agnico Eagle Mines (AEM.TO).

Proceeds from the offering will be used by Azimut to advance the Wabamisk and Elmer properties in Quebec.

Azimut shares closed unchanged at C$0.62 on the TSX Venture Exchange.

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