AzimutExploration Inc. said July 11 that it intends to raise grossproceeds of up to C$2.3 million for exploration programs on its mineralproperties, business development and for general corporate purposes.

The company plans to sell up to 7,187,500 common shares at32 cents apiece in a nonbrokered private placement, with each share beingaccompanied by 0.5 of a warrant. Each whole warrant will entitle its holder tosubscribe for 1 Azimut common share at 45 cents per share over a 24-monthperiod.