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VANCOUVER British Columbia, March 03, 2021 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ), is pleased to announce that it has completed the final tranche of its non-brokered private placement and has issued 65,080,000 non-flow-through units (each, an “NFT Unit”) at a price of $0.05 per NFT Unit for gross proceeds of $3,254,000. The gross proceeds to the Company of both Tranche 1 and Tranche 2 totaled $4,241,500. A single institutional investor accounted for $1,850,000 (37,000,000 units) of the final tranche. In addition, the Company has issued 2,000,000 flow-through units (each, a “FT Unit”) at a price of $0.05 per FT Unit for an additional $100,000.
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 until March 3, 2026.
The proceeds from the private placement will be applied to the Company's exploration 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.
All securities issued in connection with the private placement are subject to a statutory hold period in accordance with applicable securities laws until July 4, 2021. In connection with completion of the final tranche of the private placement, the Company has paid $80,800 and issued 4,796,000 Warrants and 3,180,000 finder’s shares to certain arms-length third-parties who assisted in introducing subscribers to the Company.
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