Centerra Gold Inc. increased its stake in Azimut Exploration Inc. to 12.67% from 9.84% after purchasing 4,038,647 common shares in a non-brokered private placement at C$0.60 per share, totaling C$2.42 million.
The transaction raises Centerra’s holdings to 13,973,647 Azimut shares, up from 9,935,000 previously. The move follows an amended investor rights agreement dated May 16, 2025, which grants Centerra the right to participate in future equity offerings to maintain its pro rata ownership up to a 15% threshold, subject to certain conditions.
Centerra stated the acquisition was made for investment purposes, with no immediate plans to increase or reduce its stake. The company did not disclose any strategic rationale beyond its investment strategy, leaving open the possibility of further participation or partial divestment depending on market conditions and strategic priorities.
Centerra Gold operates gold and molybdenum assets including the Mount Milligan Mine in British Columbia, the Öksüt Mine in Türkiye, and the Kemess and Goldfield projects in Canada and Nevada. Azimut Exploration is headquartered in Longueuil, Quebec.
