Azincourt Energy Closes $4,241,500 Private Placement
March 03 2021 - 9:00AM
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”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 & CEOTel:
604-638-8063info@azincourtenergy.com
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
2V6www.azincourtenergy.com
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