Centerra Gold Inc. (NYSE: CGAU) has acquired 4,038,647 common shares of Azimut Exploration Inc. through a non-brokered private placement at C$0.60 per share, for total consideration of C$2,423,188.20, according to a press release.

Before the transaction, Centerra held 9,935,000 Azimut shares, representing approximately 9.84% of the issued and outstanding shares. Following the purchase, Centerra's total holdings stand at 13,973,647 shares, or approximately 12.67% of Azimut's issued and outstanding shares.

Centerra and Azimut are parties to an investor rights agreement originally dated May 16, 2025. That agreement was amended in connection with this transaction to allow Centerra to participate in future equity issuances by Azimut and to top up its holdings to maintain its pro rata ownership interest, subject to maintaining certain ownership thresholds, up to a maximum of 15%.

Centerra stated the shares were acquired for investment purposes and that it may acquire additional shares or securities of Azimut, or dispose of existing holdings, depending on market conditions and strategic priorities.