AZINCOURT ENERGY CORP. (TSX-V: AAZ) is pleased to announce that it has completed the offering of 30,000,000 flow-through units by way of non-brokered private placement at a price of $0.05 per FT Unit for gross proceeds of $1,500,000. Each “FT Unit” is comprised of one common share and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.07 until January 19, 2026. The placement was fully-subscribed and included participation from a significant institutional investor.
The gross proceeds from the placement will be used to fund Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify as “flow-through mining expenditures”, for the purposes of the Income Tax Act (Canada). It is anticipated that expenditures will largely be focused on continuation of the Company’s ongoing diamond drilling program at the East Preston Uranium Project, located in the western Athabasca basin, Saskatchewan, Canada.
In connection with the placement, the Company issued 2,240,896 common shares and 2,240,896 Warrants to certain arms-length finders who have assisted in introducing subscribers to the Company. All securities issued in connection with the placement are subject to a statutory hold period until May 20, 2021 in accordance with applicable securities laws.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
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We acknowledge the [financial] support of the Government of Canada.