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Azimut Announces a Reduction in Outstanding Shares by 3.5% with the Closing of the Eleonore South Sale Transaction
Azimut Announces a Reduction in Outstanding Shares by 3.5% with the Closing of the Eleono...
About this update from Azimut Exploration, Inc.
[{"type":"text","content":"\n \n \n \n Azimut Announces a Reduction in Outstanding Shares by 3.5% with the Closing of the Eleonore South Sale Transaction\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSXV: AZM\n \n OTCQX: AZMTF\n \n \n \n \n LONGUEUIL, QC\n \n \n ,\n \n \n Sept. 9, 2022\n \n \n /CNW Telbec/ -\n \n Azimut Exploration Inc.\n \n (\"\n \n Azimut\n \n \" or the \"\n \n Company\n \n \") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the closing of two transactions in respect of the Eleonore South and Wabamisk properties in the Eeyou-Istchee James Bay region of\n \n Quebec\n \n \n (see press release of\n \n August 8, 2022\n \n ).\n \n \n \n The Eleonore South transaction involved the Company exchanging its interest in the Eleonore South joint venture (\"\n \n ELSJV\n \n \") for 2.9 million of Azimut's issued and outstanding common shares (\"\n \n Shares\n \n \"), which Azimut cancelled upon acquisition. In addition, the reduction in Shares resulted in Agnico Eagle Mines Limited (\"\n \n Agnico Eagle\n \n \") having an approximately 10.09% ownership interest in the Shares. Azimut also announces that it has entered into an amended and restated investor rights agreement which provides Agnico Eagle with certain rights as described below.\n \n \n \n Eleonore South Transaction\n \n \n \n Azimut sold its 23.77% participating interest in the ELSJV to affiliates of (i) Newmont Corporation (TSX: NGT) (NYSE: NEM) and (ii) Fury Gold Mines Limited (TSX: FURY) (NYSE: FURY).\n \n \n In consideration for the sale of its interest in the ELSJV, Azimut received 2.9 million Shares that were directly or indirectly controlled by Newmont. The return of these Shares to treasury required their cancellation, which reduced the number of issued and outstanding Shares to 79,293,844. This cancellation resulted in a reduction in the Company's issued and outstanding Shares by approximately 3.5% and consequently results in an increase of approximately 3.7% of shareholders' respective interests in Azimut, including the 100%-owned flagship Elme...