Azimut has made a high-grade gold discovery on its Elmer property in the James Bay region. Credit: Azimut Exploration
Centerra Gold (TSX: CG) (NYSE: CGAU) has made another investment in the Canadian gold exploration space, this time with a 9.9% equity stake in Azimut Exploration (TSXV: AZM).
In a press release Monday, Azimut announced that Centerra is buying 9.43 million shares of the company at C$0.60 per share, for a total approximate investment of C$5.65 million. At the time of announcement, Azimut’s shares traded at $0.56 apiece.
The private placement would result in Centerra holding 9.9% of Azimut, which has a market capitalization of roughly C$47 million. By comparison, Centerra’s market capitalization is estimated at C$1.9 billion.
The equity investment represents the second of its kind made by Centerra in recent days. Last week, the Canadian gold miner announced it bought 9.9% of British…
