Saskatoon, SK, February 10, 2015 – AZINCOURT URANIUM INC. (“Azincourt” or “theCompany“; TSXV:AAZ) announces that the board of directors have approved a consolidation of the Company’s issued and outstanding common shares on the basis of one (1) new common share for every four (4) existing common shares (the “Consolidation”).
Currently there are 51,640,088 common shares issued and outstanding and upon completion of the Consolidation there will be approximately 12,910,022 common shares, subject to adjustment for fractional shares.
All outstanding warrants and options will be equitably adjusted, with the number outstanding being reduced by dividing their number by 4 and their exercise prices being increased by multiplying by 4.
The proposed Consolidation is subject to TSX Venture Exchange approval.
Azincourt’s board and management believes the share consolidation is necessary, and is in the best interest of shareholders as it will improve Azincourt’s ability to attract new investors and to raise the additional capital necessary to complete Year 2 of its earn-in, and advance the Patterson Lake North property joint venture with Fission 3.
Ted O’Connor, President and CEO of Azincourt, commented,
“Azincourt remains committed to completing the Year 2 of our earn-in at PLN alongside our partner, Fission 3.0 and following this necessary share consolidation, we are continuing our financing efforts to fund the remaining $1.5 million required under the JV agreement, to earn 20% project interest in PLN. The shallow basement uranium mineralization and positive results encountered in the summer drilling combined with new targets generated on the two untested areas highlight PLN is an exciting project. The success and large resource identified by Fission Uranium at Paterson Lake South solidifies the area as one of the most compelling high-grade uranium regions in the world.”
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX:FCU) where the largest undeveloped high-grade deposit in the Athabasca Basin Region was recently announced after just two years of drilling. (See Fission Uranium news release January 9, 2015.) PLN comprises approximately 27,408 ha and is located approximately 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.
Azincourt has a staged, four year option agreement with Fission 3.0 dated April 29, 2013 whereby Azincourt can earn up to a 50% interest in the PLN project through a combination of option payments and exploration work funding. Approximately $4.7 million has been spent on prior exploration of the property by Fission Uranium. Azincourt has completed Year 1 funding of the option and presently holds a 10% interest. Fission 3.0 is the operator and project manager.
About Azincourt Uranium Inc.
Azincourt is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Vancouver, British Columbia. Azincourt currently holds a 10% interest in the PLN exploration project joint venture with Fission 3.0 in northern Saskatchewan, with an option to earn up to 50% of the project.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.