Azimut ExplorationInc. said July 13 that it has raised gross proceeds of C$2.5 million,after its nonbrokered private placementwas oversubscribed and increased to 7,812,500 common shares.

The company had initially sought to raise C$2.3 million by issuing7,187,500 common shares at 32 cents apiece, with funds earmarked for explorationprograms, business development and for general corporate purposes.

Each share issued in the placement will be accompanied by 0.5of a warrant. Each whole warrant will entitle its holder to subscribe for 1 Azimutcommon share at 45 cents per share over a 24-month period.