Azincourt Energy Announces Increase in Private Placement
February 12 2021 - 3:56PM
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”Alex Klenman, President
& CEONeither 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 & CEOTel:
604-638-8063info@azincourtenergy.com
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
2V6www.azincourtenergy.com
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