Centerra Gold increases stake in Azimut Exploration to 12.67%

Centerra Gold Inc. (TSX:CG) (NYSE:CGAU) has recently expanded its ownership stake in Azimut Exploration Inc. through a private placement, acquiring 4,038,647 common shares at a price of C$0.60 per share. The transaction, valued at C$2,423,188.20, resulted in Centerra now holding 13,973,647 shares, representing a 12.67% ownership in Azimut, up from the previous 9.84%.

The companies are bound by an investor rights agreement, which was amended to grant Centerra the right to participate in future equity offerings and maintain its pro rata ownership interest, up to a maximum of 15% following certain dilutive issuances. Centerra Gold operates two mines, the Mount Milligan Mine in British Columbia and the Öksüt Mine in Türkiye, along with several other projects worldwide. Azimut Exploration's headquarters are based in Longueuil, Quebec.