Centerra Gold (CGAU) entered into a non-brokered private placement to acquire around 9.4 million shares in Azimut Exploration at CA$0.60 per share for approximately CA$5.7 million, Azimut said Monday.

Upon completion of the offering, Centerra will hold approximately 9.9% of the issued and outstanding common shares of Azimut.

The offering is expected to close on or about May 14, Azimut said.

Under an investor rights agreement, Centerra will have certain rights, including the right to participate in future equity issuances to maintain its ownership in Azimut, the company said.

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