Azimut Announces a $100,000 Private Financing.MONTREAL -- Azimut Exploration Inc. ("Azimut") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AZM AZM The ISO 4217 currency code for Azerbaijani Manat. ) announces that the institutional funds Sodemex II, a limited partnership company having the Caisse de depot et placement du Quebec as a limited partner, will subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; a private financing subject to the approval of the regulatory authorities. Sodemex II will invest $100,000 to acquire 238,096 Azimut's common shares at a price of $0.42 per share. The shares issued are subject to a four-month-hold period. A 2% administration fees will be paid to Sodemex. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the financing will serve as working capital. This placement comprises a half-warrant for each share issued, which entitles Sodemex II the right to purchase 119,048 common shares at a price of $0.52 per share for a 12-month period. This period can be extended for a 6-month period at a purchase price of $0.60 per share. Azimut is a mineral exploration company that develops proprietary cutting-edge targeting methods with the objective of discovering major ore deposits. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (TSX Venture) does not accept responsibility for the adequacy or accuracy of this release. |
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