THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, May 20, 2020 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”; TSXV: AAZ) today announced the closing of its non-brokered private placement for gross proceeds of C$1,481,905 (the “Offering”). The Offering was oversubscribed and the Company raised an additional $481,905 and issued an additional 9,920,996 units to what was previously announced (see news release dated April 22, 2020).
22,750,000 non-flow-through units were issued at a price of $0.05 (the “NFT Units”) and 6,261,906 flow-through units were issued at a price of $0.055 (the “FT Units”). Each NFT Unit issued is comprised of one common share and one common share purchase warrant (a “Warrant”). Each FT Unit issued is comprised of one flow-through common share and one Warrant. Each Warrant entitles the holder to purchase one additional common share for 5 years at a price of $0.07 per common share.
Azincourt will apply the net proceeds of the Offering to advance the Company’s projects and for general corporate purposes.
The Company paid commissions to finders under the placement consisting of aggregate cash commissions of $111,890.48 and the issuance of an aggregate of 1,160,191 finder’s warrants. Each finder’s warrant entitles the holder to purchase one common share of the Company at a price of C$0.07 per common share until May 20, 2025.
All securities issued or issuable under the offering are subject to a four-month hold period expiring on September 21, 2020, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Final closing of the Offering is subject to receipt of TSX Venture Exchange approval.
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.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
Alex Klenman, President & CEO
Neither 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 release.
This press release contains "forward-looking information" that is based on the Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company’s development plans and the closing of the Offering and TSX Venture Exchange approval of the Offering. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.