Azimut Exploration Completes a Private Placement.QUEBEC, QUEBEC--(BUSINESS WIRE)--April 15, 1997--AZIMUT EXPLORATION (ME AZM AZM The ISO 4217 currency code for Azerbaijani Manat. .) Azimut Exploration Inc. wishes to inform its shareholders that it has, on April 11, 1997, completed a private placement of $150,000 to Levesque Beaubien Geoffrion Inc. at a price of $1,70 per share. Each share is accompanied by one warrant entitling to subscribe for one common share of the Company at a price of $2,21 for a 18 months period. 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). from this private placement will be used by the company to meet its obligations on the Matamec project at Sept- Iles. Also, a first closing of the placement by offering memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. dated March 21, 1997 took place on April 11, 1997. Subscriptions for 435 units ($739,500) have been accepted. Each unit is comprised of 800 flow-through shares and 200 common shares at a price of $1.70 per share. The proceeds from the subscriptions for flow-through shares will be used for exploration work on the Flavian, Lepine/Bassignac and Matamec projects. AZIMUT EXPLORATION INC. is a junior mining exploration corporation involved in the acquisition and development of high quality mining properties in Canada and throughout the world. AZIMUT EXPLORATION INC. is listed on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg (4M issued shares under ticker abbreviation abbreviation, in writing, arbitrary shortening of a word, usually by cutting off letters from the end, as in U.S. and Gen. (General). Contraction serves the same purpose but is understood strictly to be the shortening of a word by cutting out letters in the middle, "AZM". CONTACT: Exploration Azimut inc. Jacquelin Gauthier, 418/ 692-0692 418/694-0331 (FAX) |
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