AZH Completes $6m Capital Raising Oversubscribed
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
PERTH, Australia, Aug. 2, 2012 /CNW/ – Azimuth Resources Limited (TSX:
AZH) and (ASX: AZH) (the “Company” or “Azimuth“) is pleased to announce the completion of its $6.0m capital raising.
The Company took subscriptions amounting to $6.0m before costs and on
completion will issue 17,142,857 shares at $0.35 per share, the closing
price of the Company’s shares on 31 July 2012. The shares were placed
to sophisticated and institutional clients of Blackswan Equities and
Macquarie Securities (Toronto) and Cormark Securities.
The placement was oversubscribed and completed at no discount to the
current trading price, which demonstrates strong investor support for
the company and its projects.
An Appendix 3B for the issue is attached *. The issue of shares is
subject to TSX approval, which the company reasonably expects to
receive in due course.
The funds will be used to continue the company’s resource expansion and
prospect drilling at its West and East Omai gold projects, Guyana, as
well as for working capital purposes.
The Company intends to complete the placement under the Company’s 15%
placement capacity (ASX listing rule 7.1) and Canadian private
placement exemptions, subject to TSX approval.
Cautionary Note Regarding Forward-looking Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical fact
included in this release, including, without limitation, statements
about the closing of the Offering and the use of proceeds of the
Offering are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statements were made,
and readers are advised to consider such forward-looking statements in
light of the risks set forth in the Company’s continuous disclosure
filings as found at the (Canadian) SEDAR website.
* Appendix 3B available at www.sedar.com.
SOURCE Azimuth Resources