Saskatoon, Saskatchewan January 6, 2015 – Azincourt Uranium Inc. (the “Company”) (TSXV: AAZ), announces that it has closed an initial $130,000 of its private placement as previously announced on December 24, 2014.
The Company issued an aggregate of 2,167,000 flow-through units (“FT Units”) at $0.06 per FT Unit. Each FT Unit consists of one flow-through common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share on a non-flow-through basis at an exercise price of C$0.10 per share until December 31, 2016.
The Company paid a finder’s fee of (i) a cash commission of $10,921.68 (8%); and (ii) 173,360 finder warrants (8%) entitling the finder to purchase an equivalent number of common shares of the Company on a non-flow-through basis at a price of $0.10 per share until December 31, 2016.
All of the securities issued under the private placement to subscribers and the finders are subject to statutory and TSX Venture Exchange imposed resale restrictions expiring on May 1, 2015. The proceeds of the private placement will be used to advance the Company’s Patterson Lake North project in Saskatchewan, and for general working capital purposes. Additional information about Azincourt and its projects can be viewed on Azincourt’s website at www.azincourturanium.com.
ON BEHALF OF THE BOARD
Terrence K. O’Connor
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The common shares of Azincourt Uranium Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.