NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Feb. 12, 2021 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ), is pleased to announce that it has increased the size of its ongoing non-brokered private placement to primarily accommodate additional institutional demand. The Company will now offer up to 100,000,000 non-flow-through units (each, an “NFT Unit”) at a price of $0.05 per NFT Unit for gross proceeds of up to $5,000,000. In addition, the Company will concurrently offer up to 2,000,000 flow-through units (each, an “FT Unit”) at a price of $0.05 per FT Unit.
Each NFT Unit and FT Unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each warrant entitles the holder to acquire an additional common share at a price of $0.07 for a period of sixty months.
The proceeds from the private placement will be applied to the Company's projects and for general working capital purposes. The gross proceeds from the FT Units will be used to finance 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 continuing diamond drilling program at the East Preston uranium project, located in the western Athabasca basin, Saskatchewan, Canada.
The Company expects to close the private placement in tranches, of which an initial tranche was completed on January 26, 2021. For further information regarding the private placement, readers are encouraged to review the Company’s news release of January 26, 2021.
All securities to be issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. In connection with the private placement, the Company may pay finders’ fees to eligible third-parties in consideration for the introduction of subscribers. Closing of further tranches of the private placement remains subject to the approval of the TSX Venture Exchange.
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 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 release.
This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
For further information please contact:
Alex Klenman, President & CEO
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6