Azimut Closes a $150,000 Financing.MONTREAL -- Azimut Exploration Inc. (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. ) ("Azimut") announces the closing of a $150,000 financing with the Fonds de solidarite FTQ FTQ Fédération des Travailleurs du Québec FTQ First Time Quality FTQ Fetch Target Queue FTQ Fond de Solidarité de La Fédération des Travailleurs du Québec Nord du Quebec ("Fonds"). This financing will serve as working capital. The Fonds subscribes to 500,000 common shares at a price of $0.30 per share for a total of $150,000.The issued shares are subject to a 4-month holding period.Each share is accompanied with one half of one common share purchase warrant and each whole common share purchase warrant gives the Fonds the right to purchase one common share of Azimut at a price of $0.40 per share for an 18-month period. Azimut recently announced the signing of a strategic agreement with Kennecott Exploration Company, a subsidiary of the Rio Tinto Group Rio Tinto is a multinational mining and resources group founded originally in 1873. The group is one of the world's largest mining companies, with a pre-tax profit of approximately 10.2 billion US dollars in 2006 on consolidated turnover of 25.4 billion USD. , covering almost 500,000 km2 in Quebec. Azimut is a mineral exploration company that develops leading-edge targeting methods with the objective to discover major ore deposits.Azimut considers initial targeting as the most critical factor in mineral exploration.The Company's exclusive proprietary methodology is designed to target several key mineral deposit types and can be applied at the international scale. 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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