Azimut Exploration Inc.: Release of Escrowed Shares.

MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Azimut Exploration Inc. announces that on July 14, 2004, a new escrow agreement Escrow Agreement

A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank.

Notes:
For example, an investor who writes a call option and can present an escrow agreement is considered covered. was signed to modify the terms of release of 482,685 escrowed shares Escrowed Shares

Shares held in an escrow account and in most cases cannot be traded or transfered until certain circumstances like time horizon have been reached. The use of escrow for holding shares is often done during acquisitions and for performance-based executive incentives. .The shares are currently held as follows:

Mineraux Sequoia Inc. :   255 185 common shares
Jean-Marc Lulin :         227 500 common shares

The new terms are:

60 days following the date of                release of 10% of
this news release:                           the escrowed shares;

6 months following the date of               release of 15% of
this news release:                           the escrowed shares;

12 months following the date of              release of 15% of
this news release:                           the escrowed shares;

18 months following the date of              release of 15% of
this news release:                           the escrowed shares;

24 months following the date of              release of 15% of
this news release:                           the escrowed shares;

30 months following the date of              release of 15 % of
this news release:                           the escrowed shares;

36 months following the date of              release of 15 % of
this news release:                           the escrowed shares

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 TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
TSX True Space Extension Venture) does not accept responsibility for adequacy or accuracy of this release.

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Publication:	Business Wire
Date:	Jul 16, 2004
Words:	180
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